UK’s Financial Conduct Authority calls for smarter regulatory reporting

The Financial Conduct Authority (FCA) of the United Kingdom is examining how technology can help firms meet regulatory reporting requirements and, potentially, improve the quality of the information provided to them. As part of this effort, FCA and the Bank of England (BoE) held a two-week “TechSprint” last year, during which participants developed proofs of concepts to make regulatory reporting requirements machine-readable and executable. Such a solution would benefit both firms and regulators as it would reduce costs, make regulatory requirement processes quicker and improve accuracy.

FCA has unveiled a call for input plan, seeking input on both the aforementioned machine solutions as well as feedback on the broader issues surrounding the role technology can play in regulatory reporting. The call for input will close on June 20, 2018, after which a feedback statement summarizing the views received and proposing next steps will be published.

Source: www.bankingtech.com