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FCA seeks tech solutions to ease reporting problems

FCA seeks tech solutions to ease reporting problems

The Financial Conduct Authority (FCA) has called for tech sector submissions to a project hoping to make regulatory reporting easier, cheaper and more accurate.

The call follows an FCA and Bank of England hackathon last year, drawing in ideas about how tech can improve reporting for both contributors and regulators.  

FCA executive director of strategy and competition Christopher Woolard said: 'Technology is a powerful shaper of financial regulation, able to make compliance simpler and more efficient. We look forward to working with industry participants in the coming months to drive these ideas forward.'

Participants at last November's event developed a proof-of-concept of an automated system, able to adapt data gathering and transmission to a range of different business' systems.

The regulator is looking to hear from regulated firms, as well as fintech and regtech businesses, and technology and software providers.

The FCA said it processes more than 500,000 scheduled reports in any given year, in addition to one-off and ad hoc submissions.

 

 

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