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

UK Regulators Welcome Financial Services Regulatory Initiatives Forum

Subscribe to our newsletter

The Bank of England, Prudential Regulation Authority, FCA, Payment Systems Regulator and the Competition and Markets Authority have welcomed HM Treasury’s plans to establish the Financial Services Regulatory Initiatives Forum, announced alongside its response to the first phase of the Government’s review into the financial services future regulatory framework.

The Forum will be a joint initiative put together by the regulators and HM Treasury, intended to help regulators identify and manage peaks in demand and give firms a clearer idea of the major upcoming initiatives across the main financial services authorities. It will also manage the proposed Regulatory Initiatives Grid, to be launched over the summer, which will provide an indicative two-year forward look of major upcoming regulatory initiatives affecting the financial services sector.

In response to the feedback received in the Treasury’s 2019 Call for Evidence that consultations, data requests and new requirements all contribute to the administrative burden on firms, the Grid will include all publicly announced supervisory or policy initiatives that will, or may, have a significant operational impact on firms.

Published twice a year, it will set out an indicative timetable for each regulatory initiative. For the financial services sector, this should provide a clearer picture of expected regulatory activity, which in turn should mean that firms will be better informed about initiatives which may affect their business, improving their ability to plan ahead.

Another key theme in the review was regulatory data requests and reporting, with feedback highlighting the potential for RegTech to improve processes for collecting data from firms.

“The Government agrees that RegTech has the potential to reduce the burden of regulatory reporting whilst allowing data to be accessed and analysed more quickly and in greater depth by regulators,” says HM Treasury. “However, there are implications – in particular for data protection and cyber security – which respondents highlighted, and which must be considered together with any potential benefits. Any move towards a greater use of RegTech must be developed and implemented in a workable manner, and in partnership with industry.”

The next phase of the Review will form part of government’s upcoming White Paper on Financial Services, to be published in the Spring. Its aim will be to develop a more coherent approach to financial services regulation in the UK, including an adaptation of the current regulatory framework so that it provides for a clearer split of regulatory responsibilities, a review of how better to engage stakeholders in the regulatory process.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: New solutions to the old problems of compliance with communications surveillance regulation

Communications surveillance is an integral element of trading at financial institutions, and its functions are clearly set out in jurisdictional regulations – to capture, record and retain all communications. Essentially, all business related communications must be recorded whatever the underlying mechanism – be it a work phone, personal mobile phone, text, video and so on...

BLOG

A-Team Group Names Winners of RegTech Insight Awards – USA 2022

Congratulations to the winners of A-Team Group’s RegTech Insight Awards – USA 2022. The awards were presented by Sarah Underwood, Editor, A-Team Group during a lively drinks reception following A-Team Group’s RegTech Summit New York on 16 November 2022. The RegTech Insight Awards recognise both established solution providers and innovative newcomers providing RegTech solutions that...

EVENT

RegTech Summit New York

Now in its 6th year, the RegTech Summit in New York will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...