What FCA SYSC 8.1 Outsourcing Requirements for FCA-Regulated Firms requires
FCA Handbook SYSC 8.1, implementing MiFID II Article 16(5) outsourcing requirements for investment firms and supplemented by FCA SS1/21 for non-MiFID firms, requires FCA-regulated firms that outsource critical or important operational functions to take all reasonable steps to avoid additional operational risk, retain full responsibility for all regulatory obligations, ensure service continuity, and maintain documented arrangements enabling the FCA to monitor the outsourced functions - with enhanced requirements for cloud and other technology outsourcing following FCA's 2019 outsourcing and operational resilience guidance.
Pillar: Workflow Automation · Authority: Financial Conduct Authority (FCA) · Version: 1.0.0 · Last updated:
Primary source: https://www.handbook.fca.org.uk/handbook/SYSC/8/1.html
SHA-256 integrity: 4bf9ad55ad7b1af88a6ec60dde1d1c82b8bd5cdae1f32681109d0b4f0611f010
Primary Citations — 6 traced to source
- FCA Handbook SYSC 8.1.1R: A firm must not enter into an outsourcing arrangement in relation to critical or important operational functions or any investment services and activities in such a way as to impair materially the quality of its internal control and the ability of the supervisory authority to monitor its compliance with its regulatory obligations.
- FCA Handbook SYSC 8.1.2R: Before entering into an outsourcing arrangement for critical or important operational functions, a firm must exercise due skill, care and diligence when entering into, managing or terminating any arrangement for the outsourcing of critical or important operational functions.
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