Memorandum Of Understanding Between The Bank Of England, UK Financial Conduct Authority And UK Prudential Regulatory Authority

The Financial Services and Markets Act 2000 was amended in 2023 to address the risk to UK financial stability arising from the outsourcing of critical services by firms and financial market infrastructures to third party suppliers. The Act provides powers for the financial regulators to oversee the critical services of CTPs to the UK financial sector designated by HM Treasury. 

This Memorandum of Understanding sets out how the financial regulators will co-ordinate, through a joint CTP Consultation and Coordination Forum, the exercise of their CTP functions.