New rules aim to strengthen financial sector resilience

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underline04"> <h2 style="font-weight: 500;line-height: normal;font-size: 3rem;"> New rules aim to strengthen financial sector resilience </h2> </div> <div class="post-meta-elements" style="margin: 10px 0 10px 0; width: 100%; background-color: #f7f7f7; padding: 5px 10px; color: #101010;"> <author class="post-meta-author author"> <i class="fa fa-user"></i>By staff reporter</author> <time pubdate datetime="2024-11-13" class="post-meta-date"> <i class="fa fa-calendar"></i>2024-11-13</time> </div> <div class="entry-main"> <div class="entry-content"> <p>UK financial regulators have detailed new rules intended to bolster the resilience of technology and other third parties providing key services to financial firms.<br /> <br /> In a joint policy statement, the Financial Conduct Authority, Bank of England and Prudential Regulation Authority have set out how they intend to use new powers, given by the government in 2023, to oversee the resilience of the services third parties provide to the financial the sector. <br /> <br /> Financial firms and financial market infrastructures, such as payment systems, have become increasingly reliant on the services of a small number of third-party providers, known as critical third parties. The FCA says that while these third parties can enhance competitiveness for the sector, disruption or failure to one of them – such as a cyber-attack or power outage – could affect a large number of consumers and firms, and threaten the stability of the UK financial system. <br /> <br /> The UK regulators have issued the policy guidance having consulted across the sector on the design of the regime. The new rules have been set to align closely with international standards and similar regimes, like the EU’s Digital Operational Resilience Act. <br /> <br /> The FCA says that the final rules, when implemented, will not only strengthen the resilience of the services that critical third parties provide to individual firms, but will improve the resilience of the UK financial services sector as a whole. <br /> <br /> The government will decide which third parties should fall under the new regime based on advice from regulators.</p>  <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=New rules aim to strengthen financial sector resilience&url=https://www.cirmagazine.com/cir/c2024111301.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a href="http://www.linkedin.com/shareArticle?url=https://www.cirmagazine.com/cir/c2024111301.php"> <i class="fa-brands fa-linkedin" style="color:#3371b7;"></i> </a> </div> </div> </div> </div> </article>  <div class="comment-title title-style01"> <h3>YOU MIGHT ALSO LIKE</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/cir/c2024111301.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/cir/images/fca.JPG"></a></div> <div class="content"> <h3><a href="/cir/c2024111301.php?utm_source=jsrecent">New rules aim to strengthen financial sector resilience</a></h3> <div> <a href="/cir/c2024111301.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/cir/c2024111201.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/cir/images/web-flood-natcat.PNG"></a></div> <div class="content"> <h3><a href="/cir/c2024111201.php?utm_source=jsrecent">Flood protection up to 10x more cost-effective than rebuilding – report</a></h3> <div> <a href="/cir/c2024111201.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/cir/c2024111203.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/cir/images/darkkeyboardcyber.PNG"></a></div> <div class="content"> <h3><a href="/cir/c2024111203.php?utm_source=jsrecent">Fraudsters turning focus on bigger businesses</a></h3> <div> <a href="/cir/c2024111203.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> </div>   <div class="row no-gutter"> <div class="col-md-12"> <div style="float:left;width:100%;"> <div id="adbannerwrapjs"><a href="https://www.cirmagazine.com/cir/link.php?url= https://www.cirmagazine.com/riskmanagementawards/booking_form.php" target="_blank"><img src="https://www.cirmagazine.com/cir/../../cir/images/728x90-RMA2024_BookYourTable.gif" border="0""></a></div> </div> </div> </div> <br>  </div>   <div class="col-md-3"> <div class="sidebar-add-place"><a href="/cir/symbiant-grc-software" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.symbiant.co.uk" target="_blank"><img src="/cir/images/Symbiant-MPU-Banner-Final.gif" border="0" alt="BANNER" title="BANNER"></a></div></p></div> <div class="sidebar-add-place"><a href="/cir/dig-ed-see-latest" class="link-06c"></a><p class="rightsmall"><a href="https://www.cirmagazine.com/cir/cir-digital-editions.php"><img src="https://www.cirmagazine.com/cir/images/digitalEditonBanner-300.jpg" width="300" height="250" border="0"></a></p></div> <div class="jswrap4"><div class="jstitle4">Investec is disrupting premium finance – Podcast</div><div class="jswrap5"><img src="/cir/images/Investec-podcast-no-graphic_.jpg"><audio controls><source src="/cir/podcast/investec-Movo-cirpodcast.mp3" type="audio/ogg"><source src="/cir/podcast/investec-Movo-cirpodcast.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">Investec made waves in entering the premium finance market, where listening and evolving in response to brokers made a real difference.</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Communicating in a crisis</div><div class="jswrap5"><img src="/cir/images/BlackBerryGtManchPolice_podcast6.jpg"><audio controls><source src="/cir/podcast/BBerry_GMP_2.mp3" type="audio/ogg"><source src="/cir/podcast/BBerry_GMP_2.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; 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New rules aim to strengthen financial sector resilience - CIR Magazine