The Financial Policy Committee (FPC) in its 2021 financial stability report highlighted that the market for cloud services is highly concentrated among a few cloud service providers (CSPs), which could pose risks to financial stability.

The regulators have now taken an action to review the need for additional policy measures to mitigate financial stability risks through greater direct regulatory oversight.  

What is the impact of direct regulatory oversight on cloud adoption and cloud first organisations? Is the financial sector realising the benefits of cloud in a secure and efficient manner? What do the regulators need to consider as they progress their thinking on oversight?

In this regulatory paper, UK Finance, in association with PwC and Google, explores the evolution of cloud adoption and governance in the financial sector, security and risk management, and the industry position on cloud regulatory compliance and oversight.