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.

• From: HM Treasury
• Published: 21 March 2024

This was published under the 2022 to 2024 Sunak Conservative government

Documents

HM Treasury's Approach to Designating Critical Third Parties

Ref: ISBN 978-1-917151-14-6

PDF, 132 KB, 11 pages

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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.

Published 21 March 2024