We are seeking views on how we can support the development and adoption of new technologies that facilitate the delivery of regulatory requirements – so-called ‘RegTech’.
Following the financial crisis, we recognise that firms have to deal with greater reporting requirements and meet higher regulatory standards. In order to enable effective competition and promote innovation, it is important that technologies that help firms better manage regulatory requirements and reduce compliance costs are supported.
To this end, the Government announced in its budget that ‘the FCA, working with the PRA, will also identify ways to support the adoption of new technologies to facilitate the delivery of regulatory requirements – so-called “RegTech”’.
Following some initial exploration of this area with a range of stakeholders, we are issuing this Call for Input to seek broader views on how we should progress our RegTech work. We are interested in:
This paper will be of particular interest to businesses looking to use FinTech and RegTech for providing financial services. This can include innovator firms (both authorised firms and new entrants), accelerators, businesses in the finance industry, software firms and technology companies.
We are keen to support this exciting initiative and play our role in the innovation and adoption of RegTech solutions. Please note that we have now closed the call for input though we would still welcome any feedback that you may want to provide, which you can do by emailing us at RegTech@FCA.org.uk.
See the RegTech section of our website.
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