Regulators prepare rules and risk management system for Critical Third-Party suppliers

Technology consultants and other CTPs (Critical Third Parties) which provide services to regulated firms could be required to adhere to a general statement of their obligations from late 2024 or 2025.

By Neasa MacErlean

Only "a very small number and percentage" of providers are, however, expected to be defined (by the Treasury) as CTPs, with the definition including only those whose failure "would pose a risk to the stability of, or confidence in, the UK financial system".