Bank of England Sees Potential Risks From Cloud Data Providers

Bank of England Sees Potential Risks From Cloud Data Providers
Bank of England Deputy Governor for Markets and Banking, Dave Ramsden attends a Bank of England news conference, in the City of London, Britain, on Nov. 1, 2018. Kirsty O'Connor/Pool via Reuters
Reuters
Updated:

LONDON—The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said.

The Bank of England (BoE) has expressed concerns before about the reliance by financial firms, especially fintech startups, on third-party technology companies for key parts of their operations, and Ramsden said this scrutiny would intensify.