Regulators launch discussion paper on use of critical third parties

A joint discussion paper between the FCA, PRA and the Bank of England has been launched around the use of critical third party (CTP) providers for the financial services industry. While the regulators recognise that CTP’s provide multiple benefits to financial services firms, they note that this poses a number of risks to their supervisory objectives. The Discussion Paper is open for responses until 23 December 2022.

Source: FCA