Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services
Authors: Andrew Moyle, Nicola Higgs, Christian McDermott, and Kirsty Watkins.
The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7 billion in 2018, causing regulators to focus more than ever on the associated risks. Guidelines on outsourcing arrangements from the European Banking Authority (EBA), which came into effect on 30 September 2019, expand the requirements on institutions in this area, while both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are also increasing their outsourcing supervision and enforcement activity.