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BoE might need stronger tools on tech for rise of fintech - Ramsden

Wed, 21st Apr 2021 09:09

LONDON, April 21 (Reuters) - The Bank of England will
consider the need for more controls on cloud data providers and
other technology firms to counter possible risks from the rise
of fintech, BoE Deputy Governor Dave Ramsden said on Wednesday.

"We plan to analyse further whether we need even stronger
tools to manage the risk that critical third parties, including
potentially cloud and other major tech providers, may pose to
the Bank's and PRA's (Prudential Regulation Authority)
objectives," Ramsden told the Innovate Finance conference.
(Writing by William Schomberg, editing by David Milliken)

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