UK Fintech Regulations: FCA (Financial Conduct Authority) of UK call for input to incorporate technology in its systems

FCA call for input to incorporate technology in its systems. FCA (Financial Conduct Authority) of UK has taken the initiative to call for input in the use of technology to ensure effective and efficient regulation. In order for the regulated firms to provide accurate, efficient and consistent regulatory reports, the authority has conducted the Techsprint workshop in November last year.

Ponder over the common regulatory issues

This workshop provided the platform for financial services providers, technology specialists and related subject matter experts to ponder over the common regulatory issues. In this regard, the workshop developed the ‘proof of concept’ wherein the data required by the statutory authorities could be obtained directly from the sources as the statutory reporting requirements will become machine-readable and executable.

These changes are expected to result in lower compliance cost for the firms, lowering the barriers to entry in the market and enhancing competition. Moreover, such measures were taken by FCA on the backdrop of huge burden the authority bears in terms of scheduled statutory reports.

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500,000 reports are received to enable effective supervision

According to the authority, apart from ad hoc regulatory reports, approximately 500,000 reports are received to enable effective supervision and monitoring against any abuse or misconduct in the market. The call for input period would end in June this year, after which a report will be published entailing the input received and recommended actions for the future.

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Sarah Kaplan is an award-winning journalist with more than 9 years of experience. She is the Editor-in-Chief of TheOofy.com. She has worked for international media companies as a reporter and correspondent. She has been awarded by Article 19. She has worked for  The Guardian Foundation/ P24 Knowledge Right Project. She has participated in See Media Observatory in Macedonia. She was Research Fellow at Friedrich Ebert Foundation in Germany.  She has been writing about technology, the latest trends in business. You can reach out to her via kaplan@theoofy.com. Also, you can connect with her at Linkedin.