MPs to question regulator over banks’ use of Amazon Web Services and Google
The Treasury Committee will question senior officials at the Prudential Regulation Authority (PRA) and members of the Prudential Regulation Committee (PRC), including CEO Sam Woods, as part of the Committee’s ongoing scrutiny of the regulator’s work and consultations.
Meeting details
In a wide-ranging session, MPs on the cross-party Committee are likely to quiz the PRA on the use of cloud computing providers including Amazon Web Services and Google within financial services, and whether they have the regulatory tools to mitigate any risks to the digital resilience of the sector.
The PRA is responsible or jointly responsible for several of the strands of work which make up the Edinburgh Reforms. Witnesses may be asked about the speed at which they’re implementing the Chancellor’s changes to financial services regulation.
Reform of Solvency II insurance regulation is an area of particular interest for MPs on the Committee, so questions may be asked on the extent to which the change could increase risk in the system and whether the panel believes the promised benefits promoted by the industry are likely to materialise.