The Bank of England, PRA and FCA set out potential measures to oversee critical third parties in a move to increase resilience of the financial sector

The Bank of England, PRA and FCA set out potential measures to oversee critical third parties in a move to increase resilience of the financial sector

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The Bank of England, PRA and FCA set out potential measures to oversee critical third parties in a move to increase resilience of the financial sector

In July 2022, the Bank of England, PRA, and FCA issued a joint Discussion Paper (DP3/22) outlining a new oversight regime for Critical Third Parties (CTPs). This initiative addressed the "systemic concentration risk" created by a small number of cloud and technology providers (such as AWS, Google Cloud, and Microsoft Azure) that support the backbone of the UK financial system.

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