PracticePeople In PracticeFSA urges financial services to stay vigilant over millennium bug

FSA urges financial services to stay vigilant over millennium bug

The Financial Services Authority has urged the UK sector to keep up its good work in ensuring service continuity to customers after successfully negotiating the Millennium Bug. But the authority has also warned some problems may still emerge.

Michael Foot, managing director and head of financial supervision said: ‘Financial firms have put in a lot of work to ensure continuity of service to their customers and it has paid off.

‘The industry overall has done a very good job. The professionalism and commitment shown over an extended period enabled the industry to maintain the confidence of consumers and markets, and to avoid any material disruption.’

Now financial firms and institutions are continuing to ensure that their services are not affected by the Millennium Bug and the FSA will continue to monitor progress.

Additionally, particular attention has been reserved for the date of 29 February because of the possibility that computer programmes will not take account of the year 2000 being a leap year.

But there is no reason to expect any material disruption, however, provided service companies continue their vigilance, the FSA concludes.

Millennium bug: fact or fiction?

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