FCA Decides Not to Implement EIOPA Cloud Services Guidelines in UK
FCA notified EIOPA that the guidelines on outsourcing to cloud service providers, for insurance and reinsurance undertakings, are not applicable to regulated activities within the UK jurisdiction. This is because these EIOPA guidelines will enter into force on January 01, 2021, which after the EU withdrawal transition period is expected to end. However, FCA will continue to apply FG16/5, which is the FCA guidance for firms outsourcing to the cloud and other third-party IT services in the UK. FG16/5 was first published in 2016 and last updated in September 2019. FCA will keep this guidance under review and, where appropriate, consult to update this to ensure that it remains consistent with the relevant international standards.
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Keywords: Europe, UK, Insurance, Brexit, Outsourcing Arrangements, Cloud Computing, EIOPA, FCA
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