While the Financial Conduct Authority (FCA) have given their approval for companies to outsource their IT and data storage to third party cloud providers, the consent comes with a number of guidelines, issued to ensure that such providers remain compliant.
Firms working within regulated industries, such as solicitor practices and financial services, are subject to strict regulatory standards. These standards extend across all aspects of business, including technology. Regulatory bodies, such as the Solicitors Regulation Authority and the Financial Conduct Authority, impose strict requirements around the management, processing and security of client data. Despite common misconceptions, these requirements do not preclude the use of Cloud based technologies.
In response to Brexit, we've published some update guidance for regulated business, that suppliments this article. Please see the link at the bottom of this article for more information.