The Financial Conduct Authority (FCA) has launched a consultation on how technology can improve and facilitate regulatory compliance.
Since last year, the FCA has been organising “TechSprint” sessions that bring together financial services providers, tech companies and any relevant parties to develop regulatory technology (“RegTech”) solutions.
During a two-week event in November, organised in partnership with the Bank of England, participants developed a proof of concept on how to make regulatory requirements machine-readable, potentially automating the submission regulatory documents.
The consultation seeks to build on the proof of concept, as well as asking what wider role technology can play in regulation.
The consultation will close on June 2018. It is open to regulated firms, technology providers and consultants as well as experts from academia.
A summary of the views received will be published in the summer, together with possible subsequent steps.
Christopher Woolard, FCA’s executive director of strategy and competition, said: “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.”