The Financial Conduct Authority (“FCA”)
is responsible for regulating the conduct of financial
services firms and financial markets in the United Kingdom,
in addition to being a prudential supervisor and setting
standards for the firms it regulates.
The Financial Conduct Authority released
the FCA Handbook,
which outlines a set of rules required to be followed by
banks, insurers, investment businesses and other financial
services in the United Kingdom under
the Financial Services and Markets Act 2000. SYSC 8 is
part of the FCA Handbook which ets out the FCA’s
expectations of regulated firms when outsourcing to service
providers. It provides specific guidance on: monitoring, due
diligence, supervision by the service provider, transition,
audit, security, and business continuity.
Google Cloud’s contracts for financial institutions in the
UK address the requirements in SYSC 8. We have also created
mappings to the guidelines for both GCP and Google Workspace
to assist you with understanding how we can support you with
meeting the requirements and assess us as an outsourced
service provider. Google Cloud is committed to addressing
these requirements regardless of how financial institutions
choose to use our services.