FCA Sets Sights on Regtech

UK regulator's Project Innovate looks at regulatory reporting, KYC

Christopher Woolard of the FCA
Christopher Woolard, director of strategy and competition at the UK Financial Conduct Authority, addresses London Fintech Week 2016. PHOTO: Matteo Giachetti

Financial services are looking to regtech for help with regulatory burdens such as data reporting and know-your-customer management, the UK Financial Conduct Authority (FCA)'s director of strategy and competition said last week.

Christopher Woolard told attendees of London Fintech Week the FCA set up a hub, Project Innovate, two years ago to foster technology development. The project has initiated a number of engagements with financial service providers and technology companies, aiming to "make