In a letter to the chief executive of the National Cyber Security Centre, a committee chairman representative said recent failures at banks showed the importance of addressing online security in financial services. Furthermore, the letter added that any new arrangements would have to take into account the position of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
Though, in October 2016 was created the NCSC, the new arm of UK surveillance agency GCHQ, to look after cyber security in the UK, it is not currently clear who is responsible for reducing threats of fraud in financial services as responsibility is currently shared across various bodies including the PRA, FCA and GCHQ.
Therefore, a clear body in charge would help improve the performance of banks.
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