When we have reached a stage that by 2020, a document pile the height of three Eiffel towers will have been produced by the G20 regulators since the financial crisis , it is indeed timely to reconsider how regulation is produced in the 21st century. RegTech, or the use of technology to solve the critical problems of compliance, has broad change management potential across the whole of the financial industry, but first the innovation behind it must be supported. Despite increasing regulatory interest in emerging technologies, the most fundamental step that regulators could take is to build an intelligent policy hub to facilitate a common understanding, enabling all actors in the industry to spot and know their obligations so they can fulfil the intended policy objectives. The technologies to do this are available and proven and, in our response, we recommended a number of steps the HM Treasury and the other UK regulators could take to truly support this critical investment.
In light of the potential for RegTech to offer a solution to the complexity of regulatory change, JWG would like to invite interested parties to our RegTech Capital Markets Conference on Tuesday 5 July 2016.
Furthermore, if you would like to get involved in a broader discussion surrounding financial services regulation, then please visit our regulatory news and analysis platform – RegTechFS