HM Treasury has published a policy paper setting out, in general terms, its proposals to bring within the regulatory remit of the financial regulators certain third parties providing key functions and services to the finance sector (e.g., cloud-based computing services): see here. To quote directly from the policy paper (para. 1.6):
Under this proposal, HM Treasury will – in consultation with
the financial regulators and other bodies – be able to designate certain third parties
which provide services to firms as ‘critical’. The financial regulators will then be able
to make rules, gather information, and take enforcement action, in respect of
certain services that critical third parties provide to firms of particular relevance to
the regulators’ objectives (which the regulators refer to as ‘material’ services).”
