Once confirmed, it will mark the first time that web services arms of big tech firms come under City regulation.
The Bank of England and Financial Conduct Authority will be handed powers from tomorrow to regulate tech firms providing “critical” services to UK banks.
According to The Guardian, the Bank and FCA will be handed powers to regulate companies that are becoming a crucial part of the day-to-day operations of the digital banking and payments sector.
This may include companies that offer cloud storage, AI, and automated programmes that can help detect fraud.
The final list of who will be regulated is expected to be signed off by ministers by June.
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
