Advantages and disadvantages of third-party regulation of the financial sector

By Steven Francis and Simon Lofthouse (July 25, 2022, 3:07 p.m. BST) – HM Treasury has recently released proposals to mitigate critical third party risks to the financial sector.[1]

In this article, we examine the background to the proposals and the main actions that are suggested to be taken. In short, it is proposed that HM Treasury may designate certain third parties who provide services to financial services firms as critics.

If this designation is made, regulators will be able to take a range of actions, including establishing rules that apply to these providers, obtaining information from them and even taking enforcement action against them, when these companies provide services. of…

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