In discussion paper (DP) 3/22 – Operational resilience: Critical third parties to the UK financial sector, the Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively the ‘supervisory authorities’) have set out potential measures to oversee and strengthen the resilience of services provided by critical third parties (CTPs) to the UK financial sector.
As part of ongoing work, the supervisory authorities have issued a survey to aid analysis into the costs and benefits of a potential critical third-party regime in the UK. This can be found on the FCA's website.
The survey asks respondents to provide cost estimates for implementing and ensuring ongoing compliance with potential minimum resilience standards along the lines of those set out in DP3/22. Any consultation proposals might differ from the regime described in the DP. The survey asks for the estimated cost of applying the resilience standards and testing requirements to a single service that is provided to clients. The survey includes the option to provide estimates for additional services in later sections.
This survey is intended for service providers to the UK financial sector. Information provided in this survey will be shared across supervisory authorities for the purpose of analysis. Only aggregated and anonymised information will be shared beyond the supervisory authorities as part of a Cost Benefit Analysis. Please see the Privacy and the Bank of England page for information about how personal data is handled.
Responses are requested by 17 May 2023.
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