Call for Input: Using technology to achieve smarter regulatory reporting

Call for input opens
20/02/2018
Call for input closes
20/06/2018
Feedback statement
Q3 2018
Q3 2018

In this call for input we invite views on a ‘proof of concept’ which could potentially make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide.

Show Call for input (PDF)

We regularly explore how technology can make our regulation more efficient. One of the ways we do this is through ‘TechSprints’ that bring together financial services providers, technology companies and subject matter experts to explore technological innovations.

In November 2017, the FCA and the Bank of England, held a two-week TechSprint to examine how technology can make the current system of regulatory reporting more accurate, efficient and consistent.

At the TechSprint, participants successfully developed a ‘proof of concept’ which could make regulatory reporting requirements machine-readable and executable.  This means that firms could map the reporting requirements directly to the data that they hold, creating the potential for automated, straight-through processing of regulatory returns. 

This Call for Input outlines the technical steps that developed this proof of concept and asks for views on how we can improve this process. We are also seeking feedback on some of the broader issues surrounding the role technology can play in regulatory reporting.

Who this applies to

This Call for Input will be of interest to:

  • regulated firms
  • RegTech (technology that helps meet regulatory requirements) firms
  • FinTech (technology that helps deliver financial services) firms
  • technology and software providers
  • professional services providers
  • academics with interests in technology and financial regulation
  • financial services regulators

What you need to do

We are asking for comments on this Call for Input by 20 June 2018.

Please use our online form or write to:

RegTech & Advanced Analytics
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Email: [email protected]

Next steps

Roundtables

There will be a series of roundtables hosted by TechSprint participants to further discuss some of the relevant legal, technological and regulatory issues. If you would like to attend any of these roundtables please contact [email protected] using ‘Machine Executable Roundtables’ in the subject heading.

Technology Roundtable (Dublin)

5 April 2018

Risk Roundtable (London)

16 April 2018

Technology & Regulation Roundtable (Bristol)

10 May 2018

Feedback statement

In summer 2018 we will publish a feedback statement bringing together the results of these roundtables and further industry discussions, as well as the feedback from this Call for Input.