Katie SimmondsHM Treasury has made its first Critical Third Party (CTP) designations for:
- Microsoft Ireland Operations Limited
- Google Cloud EMEA Limited
- Amazon Web Services EMEA SARL
- Oracle Corporation UK Limited
These global cloud services and technology providers will – as of 13 July 2026 – be designated CTPs, meaning that the BoE, PRA and FCA will jointly oversee the critical services they provide to the financial services sector to ensure they have robust arrangements in place to identify, manage and recover from operational disruption.
Earlier this year, the Treasury Committee published a report on the use of AI in financial in financial services. One of its key recommendations was that the Treasury uses its powers under the CTP to designate AI and cloud providers in order to improve resilience. The Chair of the Committee has now welcomed the first designations under the regime and notes that the Committee will continue its interest in the topic, focussing now on how the regulators implement the regime.