The Financial Conduct Authority (FCA) has launched a consultation on how technology can improve and facilitate regulatory compliance.
Since last year, the FCA has been organising “TechSprint” sessions that bring together financial services providers, tech companies and any relevant parties to develop regulatory technology (“RegTech”) solutions.
Go deeper with GlobalData
During a two-week event in November, organised in partnership with the Bank of England, participants developed a proof of concept on how to make regulatory requirements machine-readable, potentially automating the submission regulatory documents.
The consultation seeks to build on the proof of concept, as well as asking what wider role technology can play in regulation.
The consultation will close on June 2018. It is open to regulated firms, technology providers and consultants as well as experts from academia.
A summary of the views received will be published in the summer, together with possible subsequent steps.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataChristopher Woolard, FCA’s executive director of strategy and competition, said: “Technology is a powerful shaper of financial regulation, able to make compliance simpler and more efficient.
“Our TechSprints bring people from across the financial services world together to share their collective knowledge to solve common problems. We look forward to working with industry participants in the coming months to drive these ideas forward.”
