Regtech
Produced in partnership with Sam Robinson and Tom Howard of CMS
Regtech

The following Financial Services practice note Produced in partnership with Sam Robinson and Tom Howard of CMS provides comprehensive and up to date legal information covering:

  • Regtech
  • What is regtech?
  • The FCA’s approach
  • FCA tech sprints
  • Regulator-side developments
  • Towards a Robo Handbook
  • Industry-side developments
  • AML and KYC
  • Fraud prevention and transaction monitoring

This Practice Note considers the following aspects of the technology that has become known as ‘regtech’:

  1. What is regtech?

  2. The FCA’s approach

  3. FCA tech sprints

  4. Regulator-side developments

  5. Towards a Robo Handbook

  6. Industry-side developments

  7. Other legal issues

What is regtech?

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.

The FCA’s approach

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 the FCA. In the call for input, the FCA

Popular documents