Bank of England handed powers to regulate key tech firms including Amazon and Google

Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economy

The Bank of England has been handed powers to regulate important tech firms including Amazon and Google from next week, amid fears that system failures could threaten financial stability and harm consumers.

From Monday, the Bank and fellow City regulator the Financial Conduct Authority (FCA) will be in charge of ensuring that four large-scale providers of cloud and tech services to banks are resilient and actively reducing the risk of cyber-attacks and major outages that could disrupt services for millions of people and businesses across the UK.