Regulatory Alerts2023-12-06
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PS24/16: Operational resilience: Critical third parties to the UK financial sector
The FCA, PRA, and Bank of England set final requirements and expectations for critical third parties (CTPs) to manage systemic risks to the UK financial sector. These rules, which take effect on 1 January 2025, establish a new CTP sourcebook and related enforcement instruments. HM Treasury retains the decision-making power to designate third parties, while regulators may recommend them for designation. The rules do not alter existing responsibilities for financial firms regarding operational resilience and third-party supplier management.
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