The FCA defines an Important Business Service (IBS) as a critical service that if affected could impact clients or the market.
FCA regulated organisations will typically take this definition and create their own process to consistently identify their own relevant services, and maintain their own Important Business Service list.
means a service provided by a firm, or by another person on behalf of the firm, to one or more clients of the firm which, if disrupted, could:
(1) cause intolerable levels of harm to any one or more of the firm’s clients; or (2) pose a risk to the soundness, stability or resilience of the UK financial system or the orderly operation of the financial markets.
Further reading
- Important Business Service - FCA definition
- SS1/21 – Operational resilience: Impact tolerances for important business services - PRA Rulebook