Guidance for firms outsourcing to the ‘cloud’ and other third-party IT services

Published in July 2018 after a consultation period, the guidance includes a list of areas that UK-based financial services firms should consider when engaging with third-parties to provide IT services. The FCA wants firms to consider international standards, legal and regulatory obligations, risk management, the oversight of the service provider, data security, access to the third-party’s premises, business continuity, and other issues.