LONDON — The United Kingdom has formally identified Microsoft, Google, Amazon, and Oracle as critical third-party suppliers to its financial sector, placing all four tech giants under direct regulatory supervision for the first time.
The British government announced the designations on Friday, saying the step is intended to strengthen the financial industry’s ability to withstand major technology disruptions, including cyberattacks and service outages.
“As banks, insurers and financial market infrastructures become increasingly reliant on cloud services, disruption at a major supplier could affect multiple firms at the same time, potentially impacting services customers depend on,” the government said in a statement.
The specific entities designated are Microsoft Ireland Operations Ltd, Google Cloud EMEA Ltd, Amazon Web Services EMEA SARL, and Oracle Corporation UK Ltd. The designations officially take effect on July 13.
Going forward, the four companies will fall under the joint supervision of the Bank of England, the Prudential Regulation Authority, and the Financial Conduct Authority. Under the new framework, the firms will be required to conduct resilience testing, perform regular self-assessments, and report any significant incidents to regulators.
The UK’s approach differs from that of the European Union, which designated 19 technology and services companies under a comparable regulatory framework back in November.
A spokesperson for Google Cloud offered a positive response to the announcement, stating: “With effective implementation and meaningful industry engagement, this new Critical Third Party framework can enhance the long-term resilience of the UK’s financial ecosystem and increase understanding, transparency, and trust between all parties.”
