The UK regulators, PRA and FCA both see control over outsourcing as a key part of operational resilience. This How to Guide brings together best practice, relevant regulations and, roles and responsibilities in a practical framework that you can use to self assess your own framework, select sections and turn them into internal procedures or just add your firm details and adopt it as your internal outsourcing policy.
The How to Guide explains the relevant regulations such as the CRD, MiFID and of course SYSC. It also takes into account and explains the PRAs Consultation Paper CP30/19 but does not presume those are made rules so users of this framework will be compliant to today’s standards.
When implementing any regulation a certain tolerance has to be set for regulatory risk. In this framework that regulatory risk tolerance is set for businesses wanting to show they are taking outsourcing seriously and doing the right thing in their firm based on real regulatory and compliance advisory experience of what other firms are actually doing as best practice, and what both the PRA and FCA have said they expect.
The How to Guide covers:
- Key messages to use internally
- What to include in the written agreement
- The current and historic rules, and guidance
- Regulatory notifications
- The relationships that need managing
- An outsourcing checklist
The How to Guide is written succinctly and has the crispness expected in wholesale firms whilst getting to the point. The main document is 14 pages long, as it carefully covers all of the rules and regulations. The six-page outsourcing checklist is included as an annex and also available for digital download as an Excel sheet. The framework avoids use of regulatory jargon and legal terminology, but includes definitions of the key terms used when referring to outsourcing.
The How to Guide enables you to apply your own firm's branding and inhouse terminology as it has in plain background and black and white.
We also provide an Outsourcing training pack as a digital download that supports implementation of this framework.
How to Comply with PRA & FCA Outsourcing Rules
This file is in Word 97-2003 (*.doc) format. It is also available from our store in Microsoft Word (*.docx) format.