Delivering a speech to the BBA FinTech Banking Conference in London, Financial Conduct Authority (FCA) director of strategy and competition Christopher Woolard signalled 'TechSprints' as an important driving force behind so-called 'RegTech' innovation.
The FCA held its first two-day TechSprint in April this year - a "global first" for a regulator, Woolard told the conference today. Also known as a ‘hackathon', such events involve competitors attempting to develop prototype solutions to a problem. "RegTech has the potential to free up large sums of operational and capital expenditure which are currently spent on compliance," said Woolard. "This potentially increases firms' capacity to innovate. "We will continue to use TechSprints as one of our regulatory tools to explore solutions to other challenges and act as a catalyst for change...
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