RegTech applies to new technologies developed to help overcome regulatory challenges in financial services.
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.
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.
Call for Input: Machine Executable Regulation
In February we published a Call for Input seeking views on how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide. We are asking for comments on this by 20 June 2018.
Since 2016 we’ve hosted five TechSprints to help find solutions to important financial services issues.
On November 27 & 28, in conjunction with The Pensions Regulator, we will hold our sixth TechSprint in Edinburgh. The event will challenge participants to come up with innovative approaches to help consumers engage with and navigate their pension options.
Deciding how to use pension savings is one of the most important financial decisions people will make. The pensions and retirement sector provides a way for 34 million consumers to save for retirement and then convert their savings into retirement income (decumulation).
At the point of decumulation, consumers face a range of decisions about how to make their retirement savings work best for their needs. Many consumers struggle with the complexity of these decisions, and some end up in investments that may not be right for them.
We are interested in how technology can encourage innovation in how pension providers and trustees engage with customers over these decisions. If you are interested in participating in the TechSprint please email [email protected].
Work 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.