Monday, February 26, 2024
HomePoliticsBank of England proposes new checks on banks’ reliance on tech companies

Bank of England proposes new checks on banks’ reliance on tech companies

LONDON (Reuters) – The Bank of England and Britain’s Financial Conduct Authority proposed on Thursday that there should be greater checks on financial firms’ heavy reliance on external technology companies for their operations.

“Financial market infrastructure firms are becoming increasingly dependent on third-party technology providers for services that could impact UK financial stability if they were to fail or be disrupted,” BoE Deputy Governor Sarah Breeden said.

(Reporting by David Milliken, Editing by Kylie MacLellan)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Source: The Print

RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments