The Financial Conduct Authority (FCA) has announced that it is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide.
The FCA regularly explores how technology can make our regulations more efficient and reduce the regulatory burden on firms. One of the ways we do this is through ‘TechSprints’ that bring together financial services providers, technology companies and subject matter experts to develop solutions to regulatory challenges.
In November 2017, the FCA and the Bank of England, held a two-week TechSprint to examine how technology can make the current system of regulatory reporting more accurate, efficient and consistent. All regulated firms submit data to the FCA based on their financial activities. The data received from these regulatory reports are critical to FCA‘s ability to deliver effective supervision, monitor markets and detect financial crime.
At the TechSprint, participants successfully developed a ‘proof of concept’ which could make regulatory reporting requirements machine-readable and executable. This means that firms could map the reporting requirements directly to the data that they hold, creating the potential for automated, straight-through processing of regulatory returns.
The Call for Input outlines how this ‘proof of concept’ was developed and asks for views on how the FCA can improve this process. The paper also seeks feedback on some of the broader issues surrounding the role technology can play in regulatory reporting.
The Call for Input will close on 20 June 2018. FCA will publish a feedback statement summarising the views received and the proposed next steps in Summer 2018.
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