Nick Cook, FCA’s director of innovation, has spoken on the need for regulators to keep up to speed with innovation. He spoke about:
- the continuing success of the FCA sandbox and the high proportion of firms that pass through it who are already, or soon to be, authorised;
- increasing international collaboration and FCA’s ties with other regulators; and
- actively stimulating innovation in areas where FCA sees tech has the potential to deliver maximum benefits. It has identified GreenTech as a priority as well as its now well-rooted drive to use tech in financial crime prevention compliance.
He noted that the RegTech market cannot currently fully service regulatory needs – largely because the regulated market needs better to articulate those needs,