On 13 December 2024, the PRA and FCA published landmark consultation papers on operational incident and third party reporting. These new proposals mark a turning point for UK banks and investment firms, setting out how to report operational disruptions and…
On 12 November 2024, the PRA and FCA published new policies on operational resilience critical third parties UK financial sector. This marks a major step for banks and investment firms. The final rules from the Bank of England, PRA and FCA…
A Regulatory and Compliance Perspective in the UK Financial Services Sector In an era marked by technological advancements, regulatory scrutiny, and increasing market volatility, the concept of operational resilience has taken centre stage within the UK financial services sector. For those…
Key Takeaways Implementing a Robust TPRM Program With the stakes so high, creating a robust TPRM program is not just advisable; it’s imperative. This involves developing a framework that clearly defines the roles and responsibilities of all parties involved, and…
The Bank of England has just released a suite of landmark policy and supervisory statements on third party risk management in banking and investment services, notably aimed at recognised payment system operators, specified service providers, and all Financial Market Infrastructures…
The FCA has delayed publishing its annual business plan until June, alongside its Annual Report. This article covers FCA’s Supervisory Approach in 2021, highlighting key themes affecting all sectors. This article includes a few points about how FCA’s operating context…
Outsourcing and third party risk management have become focal points following the publication on 29 March 2021 of the Prudential Regulation Authority’s (PRA) Policy Statement PS7/21 and Supervisory Statement SS2 These documents establish new regulatory expectations for banks, investment firms,…