In November 2015 we consulted on guidance to clarify the requirements on firms when outsourcing to the ‘cloud’ and other third party IT services. We published the final guidance (FG16/5) in July 2016.
Our finalised guidance is relevant to firms who are interested in outsourcing to the cloud and other third party IT services. It may also be of interest to third party IT providers (including cloud providers), trade associations and consumer groups, law firms and other advisers, and auditors of financial services firms.
We updated FG16/5 in July 2018 to reflect the publication of the European Banking Authority’s (EBA) final report on cloud recommendations (EBA/REC/2017/03) and changes to relevant legislation. In February 2019, the EBA published its final report on outsourcing arrangements (EBA/GL/2019/02). The Final Report on outsourcing arrangements subsumed the EBA’s cloud recommendations (EBA/REC/2017/03). We have notified the EBA of our intent to comply with the EBA guidelines