UK regulator wants to help awake sleeping giant of the financial sector
- Director of innovation at the FCA, Nick Cook says RegTech currently is a "key underserviced area" of the FCA's Sandbox.
- The Sandbox launched five years ago. Around 700 firms have used the Sanbox services and, of the 47 firms that have completed sandbox testing.
- Investment in RegTech more than doubled between 2017 and 2018 to £3,447.7 million.
What this means
FCA is acting on feedback from RegTechs that a key struggle they face is being able to demonstrate that their solution not only works, but may provide a more efficient and effective way of doing things.