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Financial Conduct Authority, Proposed Guidance for Firms Outsourcing to the ‘Cloud’ and Other Third-party IT Services (Guidance Consultation 15/6) (Nov. 2015) (full-text).
The purpose of this draft guidance is to clarify the requirements on firms when outsourcing to the ‘cloud’ and other third-party IT services. This guidance is broader than, but includes issues covered in, Considerations for Firms Thinking of Using Third-party Technology (Off-the-shelf) Banking Solutions, which we published in July 2014 as part of the FCA's barriers-to-entry work for firms entering, or considering entering, the banking sector.
This guidance is intended to help all firms to effectively oversee all aspects of the life cycle of their outsourcing arrangements: from making the decision to outsource, selecting an outsource provider, and monitoring outsourced activities on an ongoing basis, through to exit.