A new regime for critical third party providers to UK financial services firms is on the horizon

On 21 July 2022 the Bank of England (BoE), the PRA and the FCA (collectively, the regulators) published Discussion Paper 22/3 – Operational resilience: Critical third parties to the UK financial sector (DP22/3). DP22/3 sets out how the financial services regulators could use new powers proposed under the Financial Services and Markets Bill (FSM Bill) to assess and strengthen the resilience of material services provided by critical third parties (CTPs) to the UK financial services sector. Continue reading