Pros And Cons Of Regulating Finance Sector's Third Parties

By Steven Francis and Simon Lofthouse (July 25, 2022, 3:07 PM BST) -- HM Treasury recently published proposals for mitigating risks from critical third parties to the finance sector.[1]

In this article we consider the background to the proposals and the key measures it is suggested will be taken. In brief, it is proposed that HM Treasury should be able to designate as critical certain third parties that provide services to financial services firms.

If that designation is made, regulators will be able to take a range of measures, including making rules that apply to such providers, obtaining information from them and even taking enforcement action against them, where those businesses supply services of...

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