Self-regulation solution is needed to put software’s house in order
Aquarium Software has sympathy for software vendors and technologists like SSP who have fallen foul of platform outages for prolonged periods of time. They are not the first and are unlikely to be the last as the importance of software underpinning all business, burgeons. We are going to see more technology outages in the future, so knee-jerk demands for formal regulation may not be the answer.
With the Financial Conduct Authority (FCA) touted as a potential regulator for software houses, one would have to ask if it is sufficiently resourced and experienced to undertake such an onerous task. The truth is, firms worth their salt have robust Business Continuity and Disaster Recovery plans and ISO certifications already in place and a self-regulating solution could therefore start tomorrow. Supported by a trade body with teeth, with a formal mandate to drive standards and improve outcomes for customers, brokers and their regulator - this approach could unite the industry, supporting a common goal. Aquarium would be happy to collaborate with other software vendors in the sector to deliver such a positive and overdue response.