IRD's Senior Reporter on the FCA's Review of Outsourcing

Nicholas Hamilton discusses calls from the UK's Financial Conduct Authority for asset managers to develop better contingency plans in case one of their third-party service providers fails

The UK's Financial Conduct Authority (FCA) wrote to asset managers at the end of 2012 highlighting its concerns about the industry's dependence on third-party service providers and the lack of contingency plans in place, in case a service provider should fail.

Above, Nicholas Hamilton explains the FCA's concerns about resilience risk and oversight risk, and the industry's response, which has led to the publication this month of new principles for asset managers to follow.

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