UK regime for critical third parties and its impact on financial services customers
Industries Blog
This article summarizes the proposed UK regime for critical third parties (CTPs) to the financial services sector, and its potential impact on AWS and its financial services customers.
Specifically, the article covers:
- Background on the Financial Services and Markets Act 2023 and the regime for designating CTPs
- Key points from AWS's response to the consultation paper (CP26/23), including:
- Not introducing barriers on how financial services customers use cloud technologies
- Introducing the AWS shared responsibility model as a regulatory concept
- Avoiding requirements for multi-vendor cloud strategies
- Proposed changes to requirements like incident management and scenario testing
- Expectations for financial services customers to review incident management, testing, and due diligence processes
- Importance of international interoperability in finalizing the regime
- AWS's commitment to comply with applicable regulations and support customers
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