The new guidelines are intended to guarantee that financial market infrastructure (FMI) companies minimize payment system disruptions in the wake of calamities like cyberattacks or severe weather.

According to Sasha Mills, the Bank's executive director for financial market infrastructure, in a speech, the BofE anticipates that FMIs will "accelerate their efforts to ensure that they have calibrated their tolerance for negative impacts on their important business services, and mapped the key people, processes, technology, facilities, and information needed to deliver these services" before the deadline of March 2025.

The Bank "expects to see greater engagement than we have seen thus far between FMIs, their participants, and the wider market," for the calibration of impact tolerances, and firms must begin evaluating their capacity to handle problems.

Mills continues: "Another area that still requires significant work is the approach and method FMIs use to test disruption to important business services."