About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

FCA Calls for Input on How Technology Can Make Regulatory Reporting Easier

Subscribe to our newsletter

In case you missed it, the Financial Conduct Authority (FCA) has made a call for input on how technology can make it easier for firms to meet regulatory reporting requirements and improve the quality of the information they provide.

The call for input outlines a proof of concept (POC) developed by the FCA and Bank of England during a two-week TechSprint late last year to examine how technology can make regulatory reporting more accurate, efficient and consistent. The POC demonstrates how regulatory reporting requirements could be made machine-readable and executable. This means firms could map reporting requirements directly to the data they hold, creating the potential for automated, straight-through processing of regulatory returns.

The TechSprint participants suggest this could, for example, improve the accuracy of data submissions and reduce their costs, allow changes to regulatory requirements to be implemented more quickly. They also note that a reduction in compliance costs could lower barriers to entry and promote competition.

The FCA call for input outlines how the POC was developed and asks for views on how the FCA can improve on it. It also seeks feedback on broader issues surrounding the role technology can play in regulatory reporting.

Christopher Woolard, executive director of strategy and competition at the FCA, says: “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.’

The call for input closes on June 20, 2018. A feedback statement summarising the views received and proposed next steps will be published later in the summer.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Best practices for regulatory reporting

Date: 16 July 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Regulatory reporting is a repetitive, time consuming and expensive business. At its best it requires robust data governance, automated data collection and reporting, standardised reporting formats, a centralised reporting system and a means to monitor and review regulatory change....

BLOG

Top 20 e-Comms Surveillance Providers 2024

Earlier this month, the Securities and Exchange Commission announced charges against a registered investment adviser for widespread and longstanding failures to maintain and preserve certain electronic communications; the matter was settled for $6.5 million. This case is notable because it is the first time the SEC has brought charges against an RIA with no ties...

EVENT

Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Fatca – Getting to Grips with the Challenge Ahead

The industry breathed a sigh of relief when the deadline for reporting under the US Foreign Account Tax Compliance Act (Fatca) was pushed back to July 1, 2014. But what’s starting to look like perhaps the most significant regulation of the next 12 months may start to impact our marketplace sooner than we think, especially...