PIMFA response to CP26/23 – ‘Operational resilience: Critical third parties to the UK financial sector’

PIMFA Consultation Response to PRA CP26/23 – ‘Operational resilience: Critical third parties to the UK financial sector’. We understand from discussions with other Trade Associations that it is not just the smaller investment firms who have faced the challenge of reluctance or refusal by key third party suppliers to respond to firms’ questions about the resilience of their service offerings. We also highlight issues such as: Proportionality and Costs; Scope; Chapter 4 - CTP Fundamental Rules; SM&CR; Model Contractual Clauses; Annual Self-assessment and Ongoing Monitoring and Collaboration