We invite views on the proposed guidance, which intends to clarify the requirements on firms when outsourcing to the ‘cloud’ and other third-party IT services.
Why are we publishing guidance on this?
This guidance is broader than, but includes issues covered in, ‘Considerations for firms thinking of using third-party technology (off-the-shelf) banking solutions[1]’, which we published in July 2014 as part of our barriers-to-entry work for firms entering, or considering entering, the banking sector. While the July 2014 publication focused on banking solutions, this guidance is intended to help all firms to effectively oversee all aspects of the life cycle of their outsourcing arrangements: from making the decision to outsource, selecting an outsource provider, and monitoring outsourced activities on an ongoing basis, through to exit.
Who does this guidance affect?
This guidance will be of particular interest to firms interested in outsourcing to the cloud and other third-party IT services. The guidance may also be of interest to:
- third-party IT providers, including cloud providers, seeking to provide services to financial services firms
- trade associations and consumer groups
- law firms and other advisers, and
- auditors of financial services firms
This guidance sets out the FCA’s view and will be relevant to all firms. Dual regulated firms should also confirm the position of the PRA in relation to firms outsourcing to the ‘cloud’ and other third party IT services.
We want to hear what you think
Please send your comments by email to [email protected]
Please send us your comments by 12 February 2016.