Policy paper

Critical Third Parties – HM Treasury’s Approach to Designation

HM Treasury has outlined its approach to designating critical third parties to the UK financial services sector.

This was published under the 2022 to 2024 Sunak Conservative government

Documents

HM Treasury's Approach to Designating Critical Third Parties

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Details

This paper outlines HM Treasury’s approach to designating critical third parties to the UK financial services sector. 

The paper outlines the end-to-end process: from receipt of a recommendation from the financial regulators; through engagement with the third party supplier, the financial regulators, and other relevant organisations; to the consideration of evidence before a designation decision. 

The paper also describes how HM Treasury will communicate a decision to third party suppliers and outlines the Designation Regulations process. 

The paper also describes the process of de-designating a critical third party.

Updates to this page

Published 21 March 2024

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