FIN.

FCA will not apply EIOPA cloud outsourcing guidelines

FCA has notified EIOPA that the EIOPA Guidelines on outsourcing to cloud service providers for insurance and reinsurance undertakings are not applicable to regulated activities within the UK’s jurisdiction, as they will enter into force on 1 January 2021, after the EU withdrawal transition period is expected to end.

FCA says it will continue to apply its FG16/5 Guidance for firms outsourcing to the cloud and other third-party IT services in the UK. The regulator will keep this guidance under review and, where appropriate, will consult to update it to ensure it remains consistent with relevant international standards.

Amelia Green