It has been suggested that all British banks are set to go through a series computer systems upgrades.
Following on from the technical problems encountered by the Royal Bank of Scotland, which left thousands of people unable to access their money, the Financial Services Authority (FSA) has said that it does not wish to see such an issue again.
And as the regulator prepares to hand out the industry’s first ever fines for computer failure, one anonymous source told the Financial Times (FT) that all banks will be encouraged to bolster their system.
This could provide significant opportunities to IT contractors with experience of working in a tightly regulated environment.
Before any new recruitment takes place, though, financial institutions are likely to be put through a series of testes which will uncover whether or not their systems are vulnerable to severe outages.
Also, as of next year, the FSA will cease to exist and the responsibility for monitoring IT systems inside banks will be placed into the hands of the newly founded Financial Conduct Authority.