The Financial Conduct Authority (FCA) is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide, the U.K. regulator announced Tuesday.
In particular, an FCA consultation paper seeks input on the idea of making regulatory requirements machine-readable and executable, which creates the potential for “automated, straight-through processing” of regulatory reports, the FCA says in a news release.
“This could benefit both firms and regulators. For example, the accuracy of data submissions could be improved and their costs reduced, changes to regulatory requirements could be implemented more quickly, and a reduction in compliance costs could lower barriers to entry and promote competition,” the FCA says.
Additionally, the paper seeks feedback on broader issues involving technology and regulatory reporting.
The paper is out for comment until June 20, with the FCA aiming to propose its next steps in the summer.