BoE might need stronger tools on tech for rise of fintech – Ramsden By Reuters

LONDON (Reuters) – The Bank of England will consider the need for more controls on cloud data providers and other technology firms to counter possible risks from the rise of fintech, BoE Deputy Governor Dave Ramsden said on Wednesday.

“We plan to analyse further whether we need even stronger tools to manage the risk that critical third parties, including potentially cloud and other major tech providers, may pose to the Bank’s and PRA’s ( Prudential (LON:PRU) Regulation Authority) objectives,” Ramsden told the Innovate Finance conference.