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PRA extends deadline for EBA outsourcing guidelines remediation due to COVID-19
SYSC Areas covered by systems and controls - FCA Handbook
On 18 April the FCA published several important documents which, overall, aim to provide greater clarity about how it operates and more transparency about its decision-making. We give our views on the key documents and important themes below with the option to link through to more detail on particular sectors. The product of an event and consultation which firms and individuals participated in, the FCA's stated Mission is "to serve the public interest through the objectives given to it by Parliament". The Mission document explains: how this will impact on the strategic decisions the FCA takes; the intervention framework behind those decisions; the rationale for its work; and how it chooses the right tools for the job.
The FCA has incorporated its early thinking on the Covid pandemic the "Pandemic" , as well as publishing the Plan in exceptional times, with much of the UK in a lockdown aimed at stemming the outbreak of the Covid virus, negotiations for the UK's long term relationship with the EU ongoing, the government and Bank of England the "BoE" warning of the risks of a serious economic downturn, and the FCA itself under interim leadership but undertaking a plan for its own transformation following on from its renewed mission statement in In this note, we consider what the Plan suggests about the FCA's enforcement priorities for the coming years, and identify particular areas of enforcement risk for firms. The Plan is shorter than equivalent business plans that the FCA has published in past years and provides little specific information about the FCA's current enforcement activity. However, the FCA has incorporated its early thinking on the Covid pandemic the "Pandemic" , as well as setting out its areas of focus over the next few years. The FCA acknowledges that the Pandemic may change the issues which will be central to its focus and an updated Business Plan may be published once matters stabilise or not.
The FCA defines outsourcing as a third party delivering services on behalf of regulated firms, and the term 'cloud' includes different IT services supplied over the Internet. The benefits of outsourcing include cost efficiency, flexibility and increased security. However, there are also associated risks such as the customer's lack of control over the supplier and where the data is being stored. The FCA provides guidance on how to monitor and mitigate these risks. The guidance is not binding but aims to help firms and service providers find ways in which they can comply with the relevant rules.