Archive: June 29, 2022

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Change Is Constant* and There’s a lot of Regulatory Change Happening in the UK – Impacting Fintechs and Crypto Asset companies.

Change Is Constant* and There’s a lot of Regulatory Change Happening in the UK – Impacting Fintechs and Crypto Asset companies.

By Kai Zhang

Critical third party regime

This is to address the concentration issue where financial services firms outsource key functions/services to a few large service providers (e.g. cloud service providers). HM Treasury will designate which third party service providers are considered “critical”. Then the relevant regulators will be given power to make rules supervising them with respect to certain “material services”. See policy statement of 8 June.

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