The Financial Conduct Authority (FCA) 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 is exploring how it could make regulatory reporting requirements machine-readable and automated. This means that firms could map the reporting requirements directly to the data that they hold in-house, creating the potential for automated, straight-through processing of regulatory returns.
This could benefit both firms and regulators by improving the accuracy of data submitted, saving time and reducing costs relating to meeting regulatory requirements. This could lower barriers-to-entry and promote competition.
As part of its exploratory work, the FCA has launched a Call for Input which outlines how this ‘proof of concept’ was developed and asks for views on how the FCA can improve this process. It also seeks views on some of the broader issues surrounding the role technology can play in regulatory reporting.
The FCA will publish a feedback statement summarising the views received and the proposed next steps in Summer 2018.
If members have any comment and feedback on the consultation please contact BVRLA Legal and Policy Executive, Amanda Brandon.