The designation of #Amazon Web Services, #Microsoft, #Google Cloud, and #Oracle as the UK’s first Critical Third Parties (#CTPs) is not just another operational resilience milestone. It is a structural shift in where systemic risk is understood to live-and who regulators believe must be accountable for it. For the first time under the Financial Services and Markets Act 2023, the Bank of England, #PRA, and #FCA will exercise direct, joint oversight over organisations that sit