FCA Seeks Views on Technology to Achieve Better Regulatory Reporting
FCA announced that it is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide. The Call for Input will close on June 20, 2018. FCA will publish a feedback statement summarizing the views received and the proposed next steps in Summer 2018.
FCA regularly explores how technology can make regulations more efficient and reduce the regulatory burden on firms. One of the ways FCA does this is through “TechSprints” that bring together financial services providers, technology companies, and subject-matter experts to develop solutions to regulatory challenges. In November 2017, FCA and BoE had held a two-week TechSprint to examine how technology can make the current system of regulatory reporting more accurate, efficient, and consistent. At the TechSprint, participants successfully developed a “proof of concept,” which could make regulatory reporting requirements machine-readable and executable. The Call for Input outlines how this “proof of concept” was developed and asks for views on how FCA can improve this process. The paper also seeks feedback on certain broader issues around the role technology can play in regulatory reporting. This Call for Input will be of interest to regulated firms, regtech firms, fintech firms, technology and software providers, professional services providers, academics with interests in technology and financial regulation, and financial services regulators.
This “proof of concept” means that firms could map the reporting requirements directly to the data that they hold, creating the potential for automated, straight-through processing of regulatory returns. This could benefit both firms and regulators. The accuracy of data submissions could be improved and their costs reduced, changes to regulatory requirements could be implemented more quickly, and a reduction in compliance costs could lower barriers to entry and promote competition.
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Comment Due Date: June 20, 2018
Keywords: Europe, UK, Banking, Reporting, Regtech, Fintech, FCA
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