We are very excited to be partnering with the City of London Corporation on a project to research the UK RegTech industry. Our key aim is to understand the opportunities, challenges and the type of government and regulatory support that would be helpful to the future success of this sector.
The RegTech industry is at a key moment in its development. More needs to be done to better support the sector to grow and thrive, adding value to broader financial services and the UK economy. The City of London Corporation has commissioned this research to provide:
- in-depth analysis of the barriers to innovation and adoption of RegTech, including regulatory barriers,
- international best-practice for enhancing competitiveness in this sector, and
- recommendations for industry, government and regulators.
The intended outcome of the report is to influence policy to ensure the regulatory and business environment helps to improve the overall competitiveness of the RegTech sector, and ultimately, UK Financial Services. The report will also identify organisational changes/recommendations for the financial services industry and the regtech ecosystem. The greater development and adoption of RegTech by both industry and regulators is likely to enhance broader UK financial services competitiveness and accelerate sustainable growth.
We have now completed the fieldwork and data collection phase in our research and have moved into the analysis and reporting phase. In Q1 of 2021 we will be publishing our findings and recommendations.
What sort of information have we collected?
We have collected data and views on the following themes:
- Current perceptions of the RegTech market and the general level of adoption in the UK financial services industry
- Types of barriers to the adoption of RegTech and the sorts of policy and regulatory initiatives that can help to overcome them
- How the COVID-19 pandemic has impacted the UK RegTech industry
- The future growth prospects of the UK RegTech industry and factors that may influence this either positively or negatively
- Best practice initiatives from other jurisdictions to support competitiveness and growth in RegTech and how the UK can learn from these
- Deep dives on Financial Crime Compliance technology and solutions that help regulated firms to manage regulatory change
Who have we asked to participate in the research?
We have had RegTech vendors either headquartered in the UK or operating in the UK and / or other jurisdictions for their views in a quantitative survey, which is now closed. We held roundtables in mid-December for RegTech vendors who indicated they wanted to discuss their survey answers in more detail, to do so.
We have also conducted numerous qualitative interviews with selected representatives from overseas regulators and supervisory bodies, as well as financial institutions.
When will we be able to see the report?
The findings will be made publicly available in Q1 2021. If you participate in either the survey or the interviews, you will be eligible to participate in a webinar on our emerging findings in early 2021.
If you haven’t been involved this far, we suggest you sign up to our mailing list and you will be emailed when the report is published.
Who is the City of London Corporation?
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.
We aim to:
- Contribute to a flourishing society
- Support a thriving economy
- Shape outstanding environments
By strengthening the connections, capacity and character of the City, London and the UK for the benefit of people who live, work and visit here.
Who are RegTech Associates?
RegTech Associates is a bespoke advisory company that brings all sides of the RegTech market together. We perform rigorous research and market analysis to provide strategic advice to our clients, whether it’s to help RegTech vendors grow or for regulated firms to manage compliance more effectively.
Founded in 2017, RegTech Associates is a privately held company based in London. Our experienced team have extensive industry and regulatory knowledge and we often collaborate with leading regulators to foster dialogue and industry collaborations across a number of regulatory issues.