FCA Turns To Tech To Ease Reporting, Compliance Burdens
Law360, London (May 8, 2019, 4:16 PM BST) -- The Financial Conduct Authority said on Wednesday that it is turning to technology to help it review the 500,000 regulatory reports that financial services companies file each year and to ensure the sector consistently complies with its rulebook.
The City watchdog said it is looking at whether innovations such as machine-learning can help reduce its own burden of compliance as well as that being shouldered by banks, insurers and investment companies.
The FCA said it receives approximately 500,000 scheduled reports every year from businesses updating it on their financial health and status, as well as some on an ad-hoc basis, and it must review...
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