FCA clarifies IT outsourcing requirements

In a finalised guidance published on 7 July, the regulator said regulated firms - including advisers - needed to be aware that, where a third party delivers services on their behalf, it is considered outsourcing in the regulatory sense. The regulator defined cloud-based services as "encompassing a range of IT services provided in various formats over the internet", including private, public or hybrid cloud, as well as infrastructure as a service, platform as a service and software as a service. This means all firms processing or storing data online need to consider their regulatory ob...