The FCA (Financial Conduct Authority) were very clear in their support for both innovation and cloud based solutions in the guidance they published late last year (Proposed guidance for firms outsourcing to the ‘cloud’ and other third party IT services, November 2015). That the FCA promotes innovation is indisputable, “…so we [the FCA] want to support innovation and ensure that regulation unlocks these benefits, rather than blocks them.”.
Specific to the cloud, their support was clearer still, “We see no fundamental reason why cloud services (including public cloud services) cannot be implemented, with appropriate consideration, in a manner that complies with our rules.” The FCA’s motivation is again clear, “We also expect benefits to accrue through improved choice and innovation in outsourcing, with commensurate benefits for firms and consumers.” Far from being a warning, this was an emphatic validation for anyone considering a cloud based solution.
Rather helpfully, the FCA even provided a checklist of considerations that should be met when outsourcing to a cloud services provider. Better news still, CloudMargin can confirm that we comply FULLY with all the points that the FCA raises!