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

2 months ago 61

LONDON : 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.

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