Bank of England Gains Power to Regulate Major Tech Firms

The Bank of England will begin regulating major technology providers such as Amazon and Google next week, expanding its role to oversee the resilience of the UK’s financial infrastructure. The move comes amid concerns that failures in critical third‑party services could jeopardise financial stability and expose consumers to significant risk.

Starting Monday, the Bank of England and the Financial Conduct Authority (FCA) will jointly supervise four large cloud and technology firms that supply essential services to banks. Their mandate will focus on ensuring these providers maintain robust cyber‑defences and reduce the likelihood of cyber‑attacks or major outages that could disrupt banking services for millions of customers and businesses across the country.

The new regulatory framework aims to strengthen the resilience of the UK’s financial system by holding key tech suppliers to higher standards of security and reliability. By extending oversight to these critical third parties, the authorities seek to protect the economy from potential systemic shocks and safeguard consumer interests.