The FCA has published proposed guidance on its rules relating to outsourcing to the cloud and other third-party IT services (Guidance Consultation 15/06). The guidance sets out areas of interest for firms to consider in outsourcing, namely:
- legal and regulatory considerations;
- risk management;
- international standards;
- oversight of the service provider;
- data security;
- the Data Protection Act 1998;
- effective access to data;
- access to business premises;
- relationships between service providers;
- change management;
- continuity and business planning;
- resolution (where applicable); and
- exit plans.
The FCA is working closely with the PRA on matters relating to the cloud and other types of outsourcing.
The deadline for comments is 12 February 2016.
Copies of the relevant documents can be found
webpage; and
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