The Financial Conduct Authority (FCA) is seeking advice on how best the firms it regulates can embrace technology to aid their reporting requirements and "reduce the regulatory burden" they face.
In a "Call for Input" the FCA outlines how it is exploring automated reporting and asks how it can improve this process, while seeking feedback on some of the broader issues surrounding the role technology can play in regulatory reporting. Collectively firms file more than 500,000 scheduled regulatory reports, as well as additional ad hoc reports, to the FCA, which has been working on embracing ‘regtech' initiatives to improve efficiency in this area. Data received from these regulatory reports is used to help the FCA deliver effective supervision, monitor markets and detect financial...
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