BoE and FCA set out plan to oversee ‘critical third parties’
Regulators fear growing reliance on outsourced services could threaten financial stability
UK regulators plan to use new powers to oversee firms that provide essential services to the UK financial system, under proposals published today (December 7).
The Bank of England and Financial Conduct Authority plan to jointly monitor firms that provide these services. The regulators warn such “critical third parties” (CTPs) could trigger financial instability if they suffer severe disruption, for example in the event of a cyber attack.
“Third party service providers often play a vital role in
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