Opinion: New regulation for software houses will have unintended consequences
Ignite’s Toby MacLachlan considers how government plans to crackdown on software houses and third-party financial services support partners could pan out
Earlier in the summer, Insurance Age reported that software houses face regulatory oversight.
This is part of a new government initiative to make financial services and, therefore, the insurance industry more secure. The Financial Services and Markets Bill going to Parliament will identify critical third-party providers, set out standards that CTPs would need to conform to, and lay out a testing regime that will ensure conformity and compliance.
The logic of the Bill is understandable and
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