Third-party risk management frameworks: The FCA notes that firms may benefit from improving the effectiveness of third-party risk controls, such as through the categorization of third parties (taking into account the potential or actual impact of the incident), performance reviews, contrac...
The joint proposal seeks to reduce the responsibilities of individual firms and financial market infrastructure entities dealing with operation resilience and third-party risk management through direct regulatory oversight. The aim is to allow critical third parties to deliver services that ...
These proposals will therefore complement but not blur, eliminate or dilute the responsibilities of individual firms and FMIs relating to operational resilience and third-party risk management. Sam Woods, Deputy Governor of Prudential Regulation and the CEO of the PRA said: ‘Third party service ...
For more information, see the PRA's Outsourcing and third-party risk management documentation. There are additional requirements and guidelines that financial institutions in the United Kingdom should be aware of when moving to the cloud, including the FSMA, Senior Management Arrangements, Systems, an...
2. White Labels:Firms such as Forexbrokersin the UK which are authorised and regulated by the FCA, can permit their product or service, such as their online trading platform, to be used by a third party company (the “white label” company) and be rebranded for the white-label’s own...
the licenses of third-party services may expire or even be withdrawn in case of violation of changes in legislation; all investment platforms are checked for compliance with laws and other regulations of the FCA. The lack of a single page cautioning of various risks on your site can undo a...
The firm's challenge to penalty was on multiple grounds, including an argument that a substantial proportion of its revenue should be excluded from the calculation of penalty on the basis that it comprised exchange and clearing fees which it was required to pass on to third parties. Whilst the...
If any part of this odocument refers to any third party products or services it shall not be deemed a license grant by ST for the use of such third party products sor services, or any intellectual property contained therein or considered as a warranty covering the use in any manner ...
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Equifax did not treat the risks at the parent company level with the same level of seriousness and rigour that would have been the case had the outsourcing been to a third party. Firms need to ensure that their intra-group outsourcings satisfy the relevant regulatory requirements in respect...