BIBA has teamed up with Broker Continuity Planning Ltd (BCP) to launch a new broker orientated facility for “work area recovery space” including full broker IT services.
The scheme provides a real life Disaster Recovery Solution but more importantly said the partnership it helps members comply with FSA Regulations.
Regulations state that: “A firm should have in place appropriate arrangements having regard to the nature, scale and complexity of its business, to ensure that it can continue to function and meet its regulatory obligations in the event of an unforeseen interruption.”
BIBA said the FSA regulations make it quite clear that having a written plan is not enough. The plan must be capable of action and must be tested.
Each “recovery” site will be specially created for the insurance market and offers up to 100 seats in a modern office fully cabled and fitted with new seats, desks, telephones and Dell hardware.
The trade association said benefits will include seats sold on a three-year contract basis at a cost per seat with discounts of 30% for year one, 20% for year two and 10% for year three; a certificate for members to keep with their Business Continuity Plans as evidence for the FSA; nine BCP sites around the country with more due in 2006; and an annual profile test by BCP.
BCP will also visit BIBA members who want the full IT service and profile their IT environment in advance and store the profile centrally.
Graeme Trudgill, BIBA Technical Services Officer, said: “We are delighted to be able to offer members this simple, competitive solution; which provides peace of mind if something goes wrong, as well as addressing all important compliance requirements”
