FIA has submitted a response to the Bank of England and Prudential Regulation Authority Consultation Paper 17/24, and the Financial Conduct Authority CP24/28 on operational incident and third-party arrangement reporting.
The response advocates for greater convergence of the rulebook, handbook and supervisory statements on the topic. Maintaining two, distinct regimes between the FCA and PRA would increase complexity for firms.
FIA welcomes the regulators’ focus on creating a risk-based and proportionate framework, particularly the decision to limit the register and notification requirements to material third parties. This approach effectively balances oversight and operational efficiency, reinforcing risk-based risk management practices. FIA’s feedback highlights areas where requirements could be further refined to align with a genuinely risk-based model.
Read the response in full.
