Global Financial Regulatory Blog

Tag Archives: Outsourcing

ESMA Draft Guidelines on Outsourcing to Cloud Service Providers

The new guidelines reflect the European Commission’s aim to provide additional certainty for regulated entities outsourcing to cloud services. By Rob Moulton, Fiona M. Maclean, Becky Critchley and Anna Lewis-Martinez On 3 June 2020, ESMA published a consultation paper on draft guidelines regarding outsourcing to cloud service providers. The purpose of the proposed guidelines is … Continue Reading

Report on IT Failures in the UK Financial Services Sector

UK Treasury Committee report warns that the current level and frequency of disruption and consumer harm is unacceptable. By Carl Simon Fernandes, Nicola Higgs, Fiona M. Maclean, Christian F. McDermott, Rob Moulton, Andrew C. Moyle, Stuart Davis, and Charlotte Collins On 28 October 2019, the Treasury Committee published a report on IT failures in the financial services sector. The … Continue Reading

Trends in Outsourcing Regulation and Supervision in Financial Services

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 … Continue Reading

Regulators Get Tough on Regulatory Outsourcing Failings

Latest FCA and PRA fines against a retail bank show little tolerance for poor outsourcing systems and controls. By Fiona M. Maclean, Christian F. McDermott, Laura Holden, and Charlotte Collins On 29 May 2019, the FCA and PRA announced that they had fined an independent UK bank for failing to manage its outsourcing arrangements properly … Continue Reading

What EBA’s Outsourcing Guidelines Mean for Financial Institutions

The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. By Fiona M. Maclean and Laura Holden On 25 February 2019, the European Banking Authority (EBA) published a final report on its draft guidelines on outsourcing arrangements (Guidelines). The report followed the EBA’s publication … Continue Reading

Outsource Service Providers to the Financial Services Industry — A Growth Sector for Buyout Firms

By Nicola Higgs, Fiona MacLean, Brett Carr, and Catherine Campbell Technology outsourcing by financial institutions (FIs) has increased in recent years as FIs look to the latest innovations to improve their day-to-day business processes and to reduce costs. FIs outsource key functions to a host of regulated and unregulated third-party service providers, and the sector is … Continue Reading

European Banking Authority’s Draft Guidelines on Outsourcing: Discussion of Key Themes

The EBA’s draft guidelines on outsourcing will impact cloud outsourcing and institutions’ deployment of FinTech. By Fiona Maclean, Charlotte Collins, and Terese Saplys On 4 September 2018, a wide audience of interested individuals gathered at Canary Wharf for a public hearing (Public Consultation) to listen to what the European Banking Authority (EBA) had to say in relation … Continue Reading

Up into the Clouds?

By Fiona Maclean, Stuart Davis and Charlotte Collins Cloud services come with the promise of many benefits for the financial services sector. Cloud computing offers large-scale and cost-effective solutions for data storage and efficient processing and is also the underlying technology for many FinTech platforms. As with a lot of new technology, however, financial institutions … Continue Reading
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