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.
Digital Regulatory Reporting
We have been working with the Bank of England and various organisations on a 6 month pilot to explore how technology can improve the way that firms submit regulatory returns.The pilot participants published a report in March that provides an overview of the work and findings so far. The FCA, the Bank of England and a group of regulated institutions are currently participating in a second phase of the pilot. This stage aims to identify which regulatory reports are appropriate for a DRR solution, whether there is value in investing in DRR, how best to create machine executable regulation and if and how to efficiently standardise firm data.
Since 2016 we’ve hosted 6 TechSprints to help find solutions to important financial services issues.
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.