Critical third parties to the UK financial sector – third party survey

The Prudential Regulation Authority, PRA, has published a press statement relating to the PRA’s and the FCA’s joint discussion paper (DP3/22) on a new regime for the supervision of critical third parties (CTPs) offering cloud computing or data analytics services to financial market participants and infrastructures in the UK. To recall, in the discussion paper, both regulators proposed regulatory measures to
– identify potential CTPs;
– define minimum resilience standards for CTPs; and
– define minimum requirements for testing the resilience of material services that CTPs provide (please see EventID 16613 in this context for more information).
To better evaluate the costs and benefits of the proposed new regime, the two regulators have now launched a voluntary survey that seeks information on the potential compliance costs of the new regime. The survey may be accessed via this link.