RegTech Test

Identifying the policy impact on compliance technology

The role played by RegTech - and compliance technology more broadly - is crucial in assisting firms to meet and enhance their adherence to regulatory standards. With the proliferation of data, the complexity of processes and the multitude of necessary regulatory obligations, achieving compliance without technology is no longer possible.

The City of London Corporation, in partnership with Innovate Finance, has released a new report calling for the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to introduce a ‘RegTech Test’ to help assess how technology can best enable regulatory compliance, and discusses a wider range of regulatory initiatives when considering the policy impact on compliance technologies, also highlighting the benefits of implementing the ‘RegTech Test’.

One of the key drivers of our success as a global financial centre is the strength of our regulatory frameworks within an agile and receptive business ecosystem. RegTech offers a prime opportunity for the UK to boost its competitive edge and take a leading position as a hub for fintech innovation that is in step with the pace of global digital transformation. Working alongside the Government and regulatory bodies, we can unleash the full potential of the systems and solutions this report recommends.

Chris Hayward
Policy Chairman of the City of London Corporation