FCA call for input on using technology to achieve smarter regulatory reporting

The FCA regularly explores how technology can make its regulation more efficient. One of the ways it does this is through TechSprints that bring together financial services providers, technology companies and subject matter experts to explore technological innovations. In November 2017, one of these events developed a “proof of concept” which could potentially make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide. Essentially, the proof of concept proved that the reporting rules within the FCA Handbook and PRA Rulebook could be turned into machine readable language. Once the rules were translated, machines would be able to fulfil the requirements by assessing the information required and then pulling this information directly from a firm’s database. The FCA has now published Call for Input: Using technology to achieve smarter regulatory reporting. The call for input outlines the…

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