British financial services industry tests disaster readiness

Published 2 December 2005

The British Financial Services Authority (FSA), the Bank of England and the U.K. treasury ran a massive emergency response system test on Monday in a scenario involving multiple explosions in London and around the country. The drill was intended to gauge the readiness of the financial sector — representing more than five percent of the U.K. total economic activity — in the face of a natural or human-driven emergency.

Key components of the response included a secure Internet site for leaders to coordinate strategy immediately following a catastrophic event, and evacuation and transport drills for personnel. Accounting firm KPMG monitored the event and will develop a report to be released early next year.

-read Reuters’ report here