FCA and BoE: Evaluate Your Third Parties

Consultation on new rules is set to close on April 3, but regulators are reviewing deadlines as firms are under pressure due to the coronavirus.

bank of england

UK regulators have urged banks and issuers to scrutinize their outsourced functions in line with proposed rules on operational resilience and third-party risk.

As the coronavirus pandemic disrupts markets and threatens business continuity, the Financial Conduct Authority (FCA) and Bank of England (BoE) are calling on firms to examine whether it is safe to outsource certain “important business services” to vendors.

The regulators have asked relevant institutions to closely assess their third

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