FCA is seeking views on how it can support the development and adoption of new “RegTech” technologies that facilitate the delivery of regulatory requirements. Based on initial FCA investigation and the recommendations made in the “FinTech” futures report, FCA has identified several areas that could support the adoption of RegTech. FCA is seeking views on how to progress its RegTech work, particularly in relation to:
- where RegTech may deliver outcomes that improve efficiency and transparency;
- where FCA should focus its efforts to ensure the best support collaboration between various parties involved and interested in RegTech;
- the challenges and risks faced by FinTech firms in providing RegTech to financial services firms and those faced by financial services firms in adopting them; and
- whether there are existing regulatory rules, policies and guidance which are restricting innovation and the adoption of RegTech solutions.
There is no stated closing date for responses. However, FCA plans initial workshops in Q1 2016. (Source:FCA Seeks Views on RegTech)