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The Treasury Committee took evidence from John Griffith-Jones, Chairman of the Financial Conduct Authority (FCA), and Andrew Bailey, Chief Executive of the FCA.
- Watch Parliament TV: Financial Conduct Authority
- Inquiry: Financial Conduct Authority
- Treasury Committee
Attack on Tesco's retail accounts
Commenting on the attack on Tesco Bank, Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, said:
"The attack on Tesco's retail accounts is deeply troubling. Banks have a long way to go to improve the resilience and security of their IT systems.
The FCA confirmed today that they share the Committee's concerns about the weaknesses in banks' complex IT systems, and about the lack of IT expertise on Boards."
Steve Baker MP, Member of the Treasury Committee and a former software engineer, added:
"I welcome the news that the FCA Board now has access to expert special advice on cyber security. The vulnerability of Tesco Bank highlights the crucial importance of technical security to the financial system."
Further information
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