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Trade Publication Article
Outsource of concern
2013
Overview
The systemic risk resulting from outsourcing remains firmly on the agenda of UK regulators. In a letter to CEOs in December 2012 the Financial Services Authority (FSA) (now succeeded by the Financial Conduct Authority and the Prudential Regulation Authority) asked asset managers to examine contingency plans for outsourcing arrangements. An event to facilitate an exchange of views from both service providers and asset managers is expected to follow. An FSA spokesperson said that its aim was to pose the question rather than to be prescriptive: The letter was sent out in a general context saying the CEOs must exercise due care and diligence and that the responsibility to adhere to the FSA's general principles remains with the asset manager regardless of whether the function is outsourced or not. The fact that outsourcing is now into its second generation means that generally in-house capability is long gone -- step-in rights, where the asset manager retains the right to step in and take functions back in-house, are only workable when the outsourcing process is in its early stages.
Publisher
Incisive Media Limited
