November 2024
On 12 November, the BoE, PRA and FCA jointly published a package of measures to establish an oversight regime for critical third parties (CTPs) to the financial sector. The package includes policy and supervisory statements on the identification of potential CTPs, recommendation for designation by HM Treasury (HMT), CTP fundamental rules, operational risk and resilience requirements, incident reporting, the regulators’ oversight regime and enforcement. A separate supervisory statement, BoE/PRA SS7/24, addresses reports by skilled persons on CTPs.