On July 20, 2016, the FCA published a Feedback Statement on its call for input on implementation of future RegTech in the UK. The FCA defines RegTech as a subset of FinTech with a focus on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities. The Feedback Statement summarizes industry responses to the FCA’s call for input, outlines the FCA’s approach to RegTech for 2016/17 and the activities it will prioritize. The FCA intends to increase engagement and collaboration with the RegTech community, noting that it has restricted potential to assist the industry in defining standards and guidelines to provide certainty for firms purchasing new technology capabilities. The FCA aims to improve compliance and reduce the overall costs of regulation by encouraging innovation development and the adoption of new technologies that help and improve the interface between the regulator and regulated firms.
The feedback statement is available at: http://www.fca.org.uk/static/fca/documents/feedback-statements/fs-16-04.pdf.