The following Financial Services guidance note Produced in partnership with Sam Robinson and Tom Howard of CMS provides comprehensive and up to date legal information covering:
This Practice Note considers the following aspects of the technology that has become known as ‘regtech’:
What is regtech?
The FCA’s approach
FCA tech sprints
Towards a Robo Handbook
Other legal issues
Regtech is a loose term used to describe the application of technology to assist firms in meeting their regulatory obligations (and, in some cases, to the application of technology by regulators to assist them in meeting their regulatory obligations). The term is variously used in contrast to, or as a subset, of fintech. For more on other fintech concepts, see: Fintech—overview.
For the purposes of this note, the term ‘regtech’ is used to describe the use of technology to assist firms in meeting their regulatory obligations, and the term ‘fintech’ to describe the use of technology to deliver (or assist in delivering) regulated financial services.
This note covers the development of regtech in the UK and explores the role of the Financial Conduct Authority (FCA) in shaping and supporting the development on certain key initiatives.
In the 2015 Budget, the Treasury announced that the FCA and Prudential Regulation Authority (PRA) would work together to support ‘the adoption of new technologies to facilitate the delivery of regulatory requirements’. This was followed in November 2015 by a call for input from
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