Bank of England proposes new rules to curb reliance on big tech

Overreliance 'could impact UK financial stability if they were to fail or be disrupted'

John Leonard
clock • 1 min read
The Bank of England proposes new rules to curb reliance on big tech
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The Bank of England proposes new rules to curb reliance on big tech

The Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have issued a consultation proposing new rules to regulate the finance sector's reliance on "critical third parties", or CTPs

The BoE proposes introducing a framework to designate certain tech firms that provide vital services to financial institutions as CTPs. CTPs would be subject to regulatory requirements to enhanc...

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