The Financial Conduct Authority (FCA) is considering the use of advanced technology in a bid to reduce the cost of regulation for firms.
The regulator wants to improve compliance and make regulation cheaper, both for itself and financial services firms, by encouraging innovation in regulation technology - known as 'RegTech' - it said in a statement on 20 July. RegTech, a subset of FinTech, is a way to make compliance more efficient - for example by automating processes so firms' systems recognise regulation and check against it automatically. The FCA said it has made innovation and technology a priority theme for 2016/17 and considers RegTech a core part of delivering it. The regulator opened a dedicated FinTech uni...
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