In HM Treasury’s March 2015 Budget, it was announced that the FCA, working with the PRA, would identify ways to support the adoption of new technologies to help firms better manage their regulatory requirements and reduce compliance costs – so-called “RegTech”.
The FCA has now published a Call for Input to seek views on how it should progress with its RegTech work, specifically:
- where RegTech may deliver outcomes that improve efficiency and transparency;
- where it should focus its efforts to ensure it best supports collaboration between various parties involved and interested in RegTech;
- the challenges and risks faced by FinTech (financial technology) firms in providing RegTech to financial services firms and those faced by financial services firms in adopting such; and
- whether there are existing regulatory rules, policies and guidance which are restricting innovation and the adoption of RegTech solutions.
The FCA has not provided a deadline for responses to the Call for Input but informs stakeholders it would prefer the input “soon” as it intends to hold workshops in Q1 2016 to discuss key priority areas of mutual interest identified through its interactions and from the eventual responses. The FCA also intends to provide a progress update in spring 2016.
View Call for Input: Supporting the development and adoption of RegTech, 23 November 2015