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
It appears as if 2023 could be quite rocky from an economic perspective. In such circumstances, both customers and suppliers of technology and business process related services will be looking at both their existing and proposed contracts, and considering what they might need to do to safeguard their interests. The
Continue Reading Contracting in turbulent times
When entering a long-term services contract, the prospect of future political or environmental changes affecting performance will not be the parties’ primary focus. However, circumstances can change quickly and without warning, particularly in what may be regarded as more challenging jurisdictions. Whether due to regime change, civil unrest, military action
Continue Reading War, Coups and Hurricanes – Exiting long-term services contracts when conditions change
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
The European Securities and Markets Authority (ESMA) has released a working paper on financial stability risks from cloud outsourcing, accessible here. Overall, it notes that cloud can increase resilience for financial services firms, but the paper is a timely reminder that a single outage could generate simultaneous
Continue Reading Mitigating the risks of outsourcing IT infrastructure to Cloud Service Providers
The UK’s Financial Conduct Authority/FCA has recently published its three-year strategy for 2022-2025 to improve outcomes for consumers and in markets throughout the UK.
For the first time the strategy sets out the outcomes that the FCA expects from businesses across all markets. To guard against inconsistent regulation the FCA’s
Continue Reading UK Financial Conduct Authority new three-year strategy
This month’s Digital Law Alert brings you a selection of tech law news from March 2022:
IBM’s coming spinoff of its Global Technology Services division into a newly created, publicly traded company called Kyndryl is raising an array of concerns for the company’s existing clients.
Kyndryl, IBM says, will focus on client-owned infrastructures and offer “hosting and network services, services management, infrastructure modernization and migrating and
Continue Reading IBM’s planned spinoff of Global Technology Services division raises concerns
By: Tony Samp, Steven R. Phillips, Charles Dent and Nathaniel J. Bell
The House and Senate have voted to send this year’s National Defense Authorization Act – which includes the most substantial legislation addressing artificial intelligence (AI) approved by Congress to date – to President Trump, who has
Continue Reading Landmark AI legislation advances toward becoming law
