The FCA has published a Call for Input on the development and adoption of RegTech. The FCA recognises that an impact of the recession on financial services firms has been increased reporting requirements and higher regulatory standards. In order to help firms meet these new standards, and reduce their compliance costs, the FCA is keen to support the development and adoption of RegTech, new technologies that facilitate the delivery of regulatory requirements.
The FCA is particularly interested in the following areas:
- Where RegTech may deliver outcomes that improve efficiency and transparency.
- Where the FCA should focus its efforts, in order to best support collaboration between various parties involved in RegTech.
- The challenges and risks faced by FinTech firms, in providing RegTech to financial services firms, and those challenges faced by financial services firms in adopting this technology.
- Whether there are existing regulatory rules, policies and guidance which are restricting innovation, and the adoption of RegTech solutions.
The FCA believes that encouraging innovation in this area will assist in meeting its mandate of promoting effective competition.