FIA responds to consultation on critical third parties in the UK financial sector

15 March 2024

FIA has submitted a response to the Bank of England, Financial Conduct Authority and Prudential Regulation Authority Consultation Paper CP26/23 - Operational Resilience: Critical Third Parties in the UK financial sector.

FIA supports the regulators’ proposed approach to strengthening and complementing operational resilience frameworks for firms and financial market infrastructures (FMIs). FIA also supports the proposal for oversight of Critical Third Parties to be as interoperable as reasonably practicable with similar existing and future regimes.

In the response, FIA welcomes the approach taken whereby it is the CTP’s responsibility to identify and manage risks to its supply chain that could affect its ability to deliver a material service including dependencies on key nth party service providers.

FIA makes recommendations on the timing and content of reporting requirements to allow financial entities and FMIs to direct critical resources to address major ICT-related incidents and reflect the availability of information at key stages of incident response processes.

Read the response in full.

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