UK Government to work towards automating regulatory compliance

The UK Government has unveiled a new cryptoassets task force and revealed plans to automate regulatory compliance.

Its plans, which also include building a FinTech bridge between Australia and the UK, were revealed at the at the government’s second International FinTech Conference. Speaking at the conference, Chancellor of the Exchequer, Philip Hammond MP, said: “We are committed to building the most pro-growth and pro-innovation regulatory environment in the world for FinTech.”

To accomplish this, he said the Financial Conduct Authority and Bank of England will work towards automating regulatory compliance. The view is to  reduce costs for firms, removing ‘a key barrier for FinTechs as they enter financial services markets’.

There will be pilot robo-regulation schemes to help new firms, and the financial services industry. It is looking to help the industry comply with regulations by ‘building software which would automatically ensure they follow the rules, saving them time and money’.

The Government’s FinTech sector strategy also involves appointing three new regional envoys to benefit UK FinTechs and create a set of industry standards which will enable firms to “more easily partner with existing banks”. The set of standards will be published by the end of 2019 and Barclays, Lloyds, HSBC, RBS and Santander have already committed to implementing them.

Its cryptocurrency task force will consist of HM Treasury, the Bank of Endlgand and the FCA and will look to explore the risks and benefits of such assets.  The task force is expected to report back in the summer.

The UK’s Chancellor and Scott Morrison, treasurer of the Commonwealth of Australia, is also going to sign a new FinTech Bridge agreement. According to the UK government, this will help to open up the market for UK firms wanting to expand internationally by selling their products and services in Australia.

HM Revenue and Customs, a department of the UK Government, recently announced plans to look at how artificial intelligence could be used for compliance and complex tax cases.

The department’s acting is examining the role AI might play in some of its more complicated tax operations according to various publications, which cited acting digital transformation director Brigid McBride.

Copyright © 2018 RegTech Analyst

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.