The pace of development in the tech sector is ever accelerating. Generative AI and large language models (LLMs) have become ubiquitous in our vernacular; cloud computing and SaaS solutions have increased in prevalence with the share of enterprises within the EU buying cloud computing in 2023 having increased by 4.2%
Continue Reading Tech projects – managing the principal risks to maximise opportunities
The insolvency of a key supplier can have a significant (and potentially catastrophic) impact on a customer’s business. It can affect the customer’s ability to meet obligations it owes to its customers and other counterparties as well as regulatory requirements. All customers should ensure that they have robust internal processes
Continue Reading Managing Supplier Financial Distress – Contractual Protections for Customers
The PRA, FCA and the Bank of England (the Regulators) have identified, for some time, the growing dependency of the UK finance sector on critical third parties who supply services to the finance sector (CTPs), including, in particular, the largest cloud service providers. The Regulators have
Continue Reading Operational Resilience in the UK Financial Services Sector: Proposed ‘Critical Third Party’ Regulations
Just before Christmas 2022, TSB was fined a total of £48.65million by the FCA and PRA for failings related to its migration to its new parent’s, Sabadell, technology platform, Proteo, in 2018. The impact on customers was considered material and resulted in findings of breaches of a number of the
Continue Reading Managing Migration and Go Live Risk: Lessons from the TSB – Sabadell Migration
Following the publication of the Financial Services and Markets Bill (“FSM Bill”) on 20 July 2022, the Prudential Regulatory Authority (“PRA”), the Financial Conduct Authority (“FCA”) and the Bank of England (“BoE”) (together, the “Supervisory Authorities”) on 21 July 2022 published their Discussion Paper P3/22 (the “DP”) that sets out
Continue Reading Operational resilience in the UK financial services sector: New requirements aimed at ‘critical third parties’ to be introduced
In July 2019, the FCA announced that it was partnering with the Alan Turing Institute to explore transparency and “explainability” of AI in the financial services sector. On June 11th 2021, the Alan Turing Institute published their report on “AI in Financial Services“. This FCA commissioned report
Continue Reading AI in Financial Services – The Alan Turing Institute
INTRODUCTION
Operational resilience is a key focus area for regulators across Europe, at both the domestic and European level. The banking crisis prompted regulators to strengthen the financial sector’s ability to weather financial risks. But as the financial sector has become increasingly dependent on outsourced and third-party service providers, regulators
Continue Reading Draft Digital Operational Resilience in the Financial Sector Regulation: the contractual aspects
