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See allTSC has published its report, which encourages firms and the FCA to work together to ensure that the UK capitalises on AI’s opportunities. However, the report also recommends that BoE and FCA conduct AI-specific stress-testing, and that FCA should publish practical guidance on AI for firms by the end of 2026. TSC also notes its concern that, despite being set up for more than a year, no organisations have yet been designated under the Critical Third Parties regime and urges the Government to designate AI and cloud providers deemed critical to the financial services sector in order to improve oversight and resilience.
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FCA, BoE and PRA have igned a MoU with the ESAs to enhance cooperation and oversight of critical third parties that fall under the UK’s critical third party regime. It establishes a framework for coordinating and sharing information on the oversight of parties under the UK regime and critical third party providers under DORA, including during incidents such as power outages or cyber-attacks.
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