Towards the end of last year, the Financial Conduct Authority (FCA) set out to provide guidance and clarify the requirements for firms when outsourcing to the cloud and other third-party IT services such as Encompass.
In order to compete and insure the quality of the services they provide their clients, financial service firms increasingly look to take advantage of the benefits cloud IT services and storage can offer them.
As they are responsible for the handling of highly sensitive data, compliance with FCA regulation is paramount. The new regulations have been amended to take in to consideration the unique circumstances the use of cloud and third party IT services presents.
The finalised guidance, published this month and available to view below, is relevant to firms looking to outsource their storage and IT, but also to providers, trade associations, consumer groups, law firms and other advisers, and auditors of financial services firms.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
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