The Financial Conduct Authority have produced a new non-exhaustive checklist to be used when banks are considering to use third party technology to deliver critical services. City regulators have said before choosing to outsource banks should assess whether the outsourcing of IT services can achieve necessary data security and think about how they will retrieve their data when outsourcing contract ends. The FCA outlined what it hopes banks will achieve from the IT outsourcing checklist, stating that banks must be able to “provide reasonable assurance” that each outsource provider “will deliver its services effectively, resiliently and securely” they must manage any “associated risk such that the firm meets all its regulatory requirements”.

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