Update: FCA should use more technology itself while encouraging 'RegTech'

Regulator to focus on innovation and technology theme in 2016/17

Tom Ellis
clock • 4 min read

The regulator should look at embracing more technology itself to help firms cut costs as it encourages the development of its so-called 'RegTech' initiative, IRESS has said.

The Financial Conduct Authority (FCA) recently said it wanted to encourage innovation in regulation technology - RegTech - to help reduce costs across the financial services sector. However, IRESS head of market analysis Chris Pitt said he thought the regulator should look at how it utilised technology itself at the same time as helping firms develop so-called RegTech. He said: "As an industry we would generally welcome it if the regulator was able to use more technology itself. The industry could submit more reports to them quickly online." He added the FCA should use its next co...

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