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.
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Company bosses are considering relocating operations or headquarters away from the UK following the country's decision to leave the European Union