We set out, jointly with the Prudential Regulation Authority (PRA) and the Bank of England (the Bank), the final requirements and expectations for critical third parties (CTPs).
Why we are doing this
In CP23/30: Operational resilience: Critical third parties to the UK financial sector, which we issued jointly with the PRA and the Bank, we consulted on policy measures to manage the systemic risks posed by certain third parties to the UK financial sector.
The new rules will allow the regulators (the FCA, PRA and the Bank of England) to monitor and manage these risks in an effective but proportionate manner.
In this PS and accompanying Supervisory Statement (SS), we lay out the final requirements and expectations for CTPs. These rules follow extensive engagement, feedback, and cost-benefit analysis of our original proposals.
Who this is for
These rules will primarily affect CTPs and potential CTPs.
They may also be relevant to:
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Firms and financial mark