FCA keen to explore regtech

FCA keen to explore regtech

The UK’s regulator, Financial Conduct Authority (FCA), will focus on “unlocking regulatory reporting” in its second TechSprint event.

It will be held on 9-10 November 2016 in Cambridge.

The FCA describes it as a “technology-based, ideas creation event to prompt the development of a first prototype or proof of concept”.

Over 100 developers and 30 organisations are expected to participate in TechSprint and “experts from the Bank of England will be observing”, says the FCA.

Participants include Accenture, Axis Corporate, Barclays, Bearing Point, ClauseMatch, Credit Suisse, Dassault Systèmes, Eccenca, Government Office for Science, Hewlett Packard Enterprises (HPE), Institute of International Finance, JWG, Monzo, PA Consulting, PwC, Santander and Wolters Kluwer, as well as post graduate students from UCL and Cambridge University.

Why regtech?

“Technology plays a fundamental and increasingly pivotal role in delivering innovative financial products and services and the FCA is committed to fostering innovation to promote effective competition in the interests of consumers,” the regulator explains.

The aim is to make regulation more efficient and effective, “thereby reducing the regulatory burden on firms while delivering greater standards of compliance”.

What’s TechSprint?

The November TechSprint will be the second in the series held by the FCA. The first one took place in April this year – “the first event of its kind to be held globally by a regulator”.

The FCA says three of the ideas generated at the event are now being explored commercially as products to bring to market.

“Our TechSprint events allow us to engage with technology providers and users and to learn about developing or adapting technologies.”

For the upcoming TechSprint, participants will be set the challenge to develop ideas and technology prototypes in the regtech space. There will be a judging panel – consisting of a “cross-section of industry experts” – that will evaluate the ideas and the solution of challenges.