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FCA to use blockchain technology reducing costs regulatory reporting
Financial Conduct Authority is working with the Bank of England on a blockchain-based digital reporting initiative to reduce the growing cost of compliance checks.
Regulatory reporting is estimated to cost between £1.5 billion and £4 billion a year
According to the FCA, the blockchain-based digital regulatory reporting initiative aims to reduce the cost of compliance checks. The plan is being carried out in partnership with the Bank of England. The FCA's head Nikhil Rathi notes that current regulatory reporting is estimated to cost between £1.5 billion and £4 billion a year for the 20,000 rules across 58,000 firms."That's why we're working with the Bank of England on the Digital Regulatory Reporting Initiative," he told the audience. "By connecting to firms through blockchain and API technology and implementing machine-readable and executable regulation, compliance checks can be completed in near real-time."
FCA will use the tech to monitor companies that are data-intensive
In July, the FCA announced plans to expand its influence across the UK, opening an office in Leeds with plans to hire at least 100 staff in the first phase and doubling the number of staff in Edinburgh to over 200 in the next two years. In addition, the FCA has set aside £120m to ensure it tackles abuse of the rules it has set. The money will primarily go towards data interception capability.The authority will also use blockchain technology to monitor companies that are considered data-intensive. As demand for data increases, companies may be able to use, market, or restrict data in ways that lead to poor user outcomes.
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