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Home > Financial Stability > Financial Sector Continuity > Role of the Financial Authorities

Role of the Financial Authorities

The UK financial authorities work together to ensure the smooth, efficient and effective running of the UK financial sector.
In the event of major operational disruption to the financial system, the authorities' main objectives are:
  • To keep retail and wholesale markets open and functioning, except where by so doing there would be a threat to financial stability. Specifically, aiming to keep payment and settlement systems open to complete today’s business, and ‘getting money and securities in the right hands’.
  • In the event that markets do not remain open, to ensure an orderly and early return to trading, e.g. by providing an information clearing house, effective channels of communication, and formulating an effective and co-ordinated response.
  • To involve relevant infrastructure providers and market participants, when making decisions affecting markets.
  • To be ready to facilitate market initiatives.

In the event of disruption, individual financial institutions should communicate with the authorities through their normal business or supervisory contacts in the Bank or FCA.