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UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency | Fintech InShorts: Latest fintech news, analysis by experts

UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency

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UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency

December 9, 2023

UK regulators (Bank of England, PRA, FCA) collaborate on proposals
Legislative proposals target potential financial instability from relationships with critical third parties (CTPs)
The aim is to oversee and enhance the resilience of services provided by CTPs
Well-managed outsourcing can bring efficiencies, innovation, and operational resilience
Risk acknowledged due to concentration of third parties serving multiple financial services clients
Proposals recognize the need for regulatory oversight beyond the capacity of participating firms
Oversight includes core tenets outlining the obligations of CTPs, focusing on operational risk and resilience
CTPs provide regulators with information and assurance through annual self-assessments and scenario testing
Proposals build on a previous discussion paper from July 2022
Regulation targets third-party services provided by CTPs, not the CTPs themselves
Regulators seek feedback until 15 March, and plan to publish final requirements by H2 next year

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