The Financial Conduct Authority (FCA) has issued a warning regarding quantum computing risks to the financial sector. Firms must complete their post-quantum cryptography (PQC) migration plans by December 31, 2028, with high-priority activities due by 2031 and full migration by 2035.
The FCA's guidance relies on recommendations from the National Centre for Cyber Security (NCSC). Firms must understand their current cryptographic systems and set achievable migration objectives to ensure security against quantum threats.
The FCA's warning applies to all regulated entities in the UK financial sector. Senior management must allocate sufficient resources and time for a smooth transition to PQC, as past failures in change projects have led to significant operational incidents.
Firms are encouraged to begin preparations immediately. The FCA is developing a supervisory self-assessment tool to help firms gauge their readiness for PQC migration and will continue to engage with the industry on this issue.