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.
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.