"We look forward to working with industry participants in the coming months to drive these ideas forward."
The regulator has been holding ‘TechSprints’ which bring together financial services providers, technology companies and subject matter experts to develop solutions to regulatory challenges.
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.
Participants successfully developed a ‘proof of concept’ which could make regulatory reporting requirements machine-readable and executable, creating the potential for automated, straight-through processing of regulatory returns.
The technology would improve the accuracy of data submissions and reduce costs, which could also lower barriers to entry and promote competition.
The FCA has now launched a Call for Input outlining how this ‘proof of concept’ was developed and asking for views on how the FCA can improve this process.
Christopher Woolard, FCA’s executive director of strategy and competition, commented: “Technology is a powerful shaper of financial regulation, able to make compliance simpler and more efficient. Our TechSprints bring people from across the financial services world together to share their collective knowledge to solve common problems. We look forward to working with industry participants in the coming months to drive these ideas forward.”
