Tag Archives: outsourcing
The FCA has updated FG 16/5, ‘Guidance for firms outsourcing to the ‘cloud’ and other third party IT services’. This update takes account of the publication of the European Banking Authority’s recommendations, and changes to relevant legislation.
The Commission has proposed a package of reforms to further develop the CMU. The package comprises: EU-wide supervisory priorities set by the ESAs, which will also take a greater role in supervising the work of national regulators – in particular in checking how they allow market participants to outsource functions to third countries direct capital […]
Andrew Bailey has spoken on how free trade, freedom of location and open markets in financial services can continue after Brexit . His key point was that firms should be able to take their own decisions on where they locate provided there are appropriate regulatory measures in place to protect the public interest. And these measures […]
ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]
ESMA has published a set of principles that the regulators in the “EU27” should follow when assessing applications from UK institutions seeking an EU authorisation post-Brexit. Key principles include: that no authorisation will be automatically “grandfathered”; that no institutions should be able to operate as a “letter-box” – so all outsourcing and delegation must be […]
EBA is consulting on regulatory expectations when firms outsource to the cloud. It wants to identify a set of key principles that all credit institutions and investment firms should follow, and which all regulators should apply. The paper focuses on five key areas for recommendation: the security of data and systems the location of data […]
LSB has published a report on how 7 members and key third parties control outsourcing of business covered by the Lending Code. It concludes the sample showed good controls. We think the report has some useful checklists that any oursourcing arrangement could consider.