PRA ‘looking into more ways to access’ BigTech cloud data

The Prudential Regulation Authority (PRA) is looking into ways to access more data from BigTech cloud providers, according to sources reported by The Financial Times.

The data would cover the operational resilience of their solutions according to the newspaper’s sources.

The sources also said that UK banks leaning on a small number of cloud providers is “also emerging as a concern”.

In addition, the regulator is also considering introducing “more robust outage and disaster recovery tests” according to the report.

The news comes after a senior Bank of England (BOE) official said in September that BigTech providers of cloud services to UK banks may now have to undergo resilience testing to ensure they meet minimum standards.

Victoria Saporta, executive director for prudential supervision at the BoE, said maintaining the continuity of the cloud services banks rely on is "a big topic both within the UK and internationally".

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.