City regulators to start oversight of tech firms that provide ‘critical’ services to UK

New powers come amid concerns that cyber-attacks and outages could put the country's financial stability at risk

City regulators will begin cracking down in the new year on tech firms providing critical" services to UK banks amid concerns that cyber-attacks and outages at companies such as Google or Amazon could put the country's financial stability at risk.

From 1 January, the Bank of England and the Financial Conduct Authority will be handed powers to regulate companies that are becoming a crucial part of the day-to-day operations of the increasingly digital banking and payments sector.