Software houses face regulatory oversight
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out plans to oversee “critical third parties” in the financial services sector.
The regulators detailed that CTPs provide certain services to regulated financial services firms and financial market infrastructure firms that could affect financial stability and cause harm to consumers if they fail or are disrupted.
The Bank of England’s Financial Policy Committee highlighted in 2021 that financial stability could be affected by disruption at a small number of third-party service providers relied upon by firms.
In response, the government included legislative proposals in
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