Responses to our Call for Input clearly showed that the industry sees a role for the regulator to participate in initiatives that encourage the adoption of RegTech, whether at idea, development or exploration phase.
We get many requests to endorse particular approaches or RegTech solutions. Firms also ask us to participate in initiatives that are aimed at adopting technology by regulated firms.
We are generally happy to receive demonstrations on particular RegTech solutions, as this helps us understand what’s being developed. Likewise, we talk openly about our work and plans. Read about how to book a demo with us in on our events section. However, due to our competition remit we are limited in how we can offer help and we will not endorse proprietary technology or solutions.
To adopt consistent practice, we use these working principles:
- The solution or approach should enhance a firm’s regulatory compliance outcomes, or promote enhanced outcomes for consumers.
- The initiative is led by industry, characterised by multi-firm collaboration and participation.
- The solution is developed in an open and transparent manner.
- The initiative is able to be made public, ensuring that other participants with genuine interest and contributions to make can be involved.
- We can participate in the discussion, but are not being asked to endorse the approach.
- As with all innovation, participation and learning is more important than the initiative being a success.
To contact the RegTech team about a potential collaboration, please email [email protected].
Alternatively, the regulatory sandbox allows businesses to test innovative products, services, business models and delivery mechanisms in the real market, with real consumers. For further information visit the Innovate Sandbox pages.
Monthly showcase events
Global AML & financial crime TechSprint - 29 July to 2 August 2019
We will be holding a Global AML & Financial Crime TechSprint to explore the potential for emerging technologies to positively impact the prevention and detection of financial crime. The TechSprint will be a truly global effort, with international colleagues from the US, Europe, Africa, Asia and the Pacific working together at the FCA offices in London. Our aim is to develop solutions at the TechSprints that will go on to be tested in the real world through the Sandbox and GFIN network.
The FCA Innovate team is committed to encouraging innovation in the interest of consumers. Read more about our Innovate events to see what we are doing in the broader FinTech space.