UK:
FCA On Considerations For Firms Using Off-The-Shelf Banking Solutions
28 July 2014
Shearman & Sterling LLP
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On July 2014, the FCA published a document setting out
considerations (including guideline questions) for firms thinking
about using third-party technology (off-the-shelf) banking
solutions. Where the services offered are critical to a regulated
firm's business operations, the service providers are regarded
by the FCA as outsource service providers and the regulated firm is
then subject to regulatory obligations designed to manage
operational risk.
The document is available at:
http://www.fca.org.uk/your-fca/documents/considerations-for-firms-thinking-of-using-third-party-technology-banking-solutions.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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