AWS’s views on HM Treasury’s Policy Statement on Third-Party Providers

On June 8th, Her Majesty’s Treasury (HMT) published a “Policy statement on Critical Third Parties (CTPs) to the finance sector”. In it, HMT sets out plans to designate certain third-party providers, including cloud service providers, as ‘critical’ to the UK financial system.

The policy statement details HMT’s proposal for increasing financial stability and market confidence in the UK financial sector. AWS supports these objectives and believes well-architected cloud environments have an important role to play in supporting the resiliency, security, and stability of the financial system.

HMT’s proposal for a UK framework also provides welcome clarity to financial firms and regulators seeking to realize the benefits of cloud adoption. It has the potential to bring additional resiliency and security gains for financial firms and more widely the UK financial sector.

What’s Next

AWS looks forward to contributing to the forthcoming Discussion Paper by the UK financial regulators. We’re aligned with the HMT’s objective to deliver enhanced operational resiliency, while also supporting innovation and promoting the competitiveness of the UK Financial Services sector.

We remain committed to supporting our customers as they continue to implement the UK’s framework for Operational Resilience and Outsourcing.

AWS is also committed to supporting international regulatory discussions in support of the establishment of a consistent and fair regulatory framework for the use of cloud services by the financial services sector globally.

In the meantime, if you have any questions about compliance with the UK financial services regulatory framework and your use of AWS, you can get in contact with us here https://aws.amazon.com/contact-us/. We have a team of regulatory compliance and technology experts with a background in Financial Services ready to support you.