RegTech applies to new technologies developed to help overcome regulatory challenges in financial services.
Video: What innovation means for the FCA
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Our aim is to encourage the development of these technologies, as they could benefit consumers and the wider industry.
We have met with a number of start-ups, incumbent institutions, technology providers and academics to see the impact RegTech could have. This helped us to understand where we should focus our efforts. We also began to develop and test a number of activities and ideas based on what we learnt.
Showcase Days
We want to remain at the forefront of technological trends within the market, in order to understand their potential impact on financial services markets, firms and consumers.
An important way we do this is through our Showcase Days, where we invite RegTech, FinTech and technology firms to demonstrate their technology solutions to internal market experts within the FCA. Through these demonstrations we can gain a better understanding of the state of the market, while engaging with the ecosystem and gathering insights on how the technological field is evolving. We run these events on a recurring basis and through a thematic approach.
Our upcoming Showcase Days programme is focused on SupTech (Supervisory Technologies). We want to see how innovative technologies are used in the market today and understand how they could be applied to more efficiently and effectively perform supervisory work and core regulatory tasks in the future.
We want to see solutions in these 5 areas:
- Anti-Fraud Technology – We want to see emerging technological solutions that support financial services firms in identifying and tackling different types of fraud to better understand the current state of the market.
- Regulatory Reporting – We want to see emerging technological solutions that support small and medium sized firms in meeting their regulatory reporting obligations.
- Market Surveillance Technologies – We want to see emerging technological solutions focused on [a] graph technologies and [b] sentiment analytics to inspire internal development.
- Social Media Analytics – We want to see emerging technological solutions that support firms in leveraging social media data, focused on social media monitoring and social media listening to understand ongoing trends in the market.
- Prudential Analytics - We want to see emerging technological solutions that support firms (and regulators) in prudential matters and specific prudential data analytics software/models to understand the current state of the market and inform our work programme.
We ask that demonstrations highlight how innovative solutions work, and how financial institutions and/or regulatory agencies may use them to support their work programmes and meeting target objectives. Please ensure that the demonstrations include a combination of slides and a live demo. Each meeting will last no longer than an hour.
If you have any questions, you can email [email protected].
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Our approach to RegTech
In 2015 we issued a Call for Input to find out more about how we could support the adoption and development of RegTech.
People working in the industry told us about the different types of RegTech and how it’s used.
They also gave us feedback about what our role could be, and told us about the challenges for innovation and its adoption.
We’ve developed a number of work programmes to help face these challenges.
Digital Regulatory Reporting
We have been working with the Bank of England and various organisations on a pilot to explore how technology can improve the way that firms submit regulatory returns. We have published the Viability Assessment on digital regulatory reporting that provides an overview of the work and findings so far. If you are interested in discussing the technical aspects of this paper in more detail, please contact us at [email protected].
Engage with us
Find out more about how you can get involved with our work programme and how you can engage with us further on RegTech.
Find out more
Barefoot Innovation – 'Regulation Innovation – the FCA’s Christopher Woolard'
Barefoot Innovation – 'The Future of Regulation – the FCA’s RegTech Leader Nick Cook'
CNBC – 'UK Regulator looking to use AI, machine-learning to enforce financial compliance'
Finance Feeds – 'FCA, BoE gear up for TechSprints to explore advantages of RegTech'
Wall Street Journal – 'Compliance in the future: machine executable rules'