Author: Niall Hearty 9 June 2022
Law360 asked Niall Hearty for his opinion on Treasury plans to enable closer scrutiny of firms awarded outsourcing contracts by major financial institutions.
HM Treasury has announced legislation that will enable regulators to focus on outsourced services to guard against risk. Its proposals have been developed with the Financial Conduct Authority and Prudential Regulation Authority.
Under the plans, the regulators would be able to conduct close examinations of firms that are providing the big financial organisations with facilities such as cloud computing and settlement services.
Niall explained that as many third party providers act for a number of financial institutions this proposal could be of value in reducing the risk of major disruption to the financial system. He added that it was also likely to increase market confidence.
To read Niall's comment visit Law360. (Subscription required)
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