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PA IN THE MEDIA

UK consults over its regulatory regime as Brexit looms

David Biggin, financial services expert at PA Consulting, discusses regulators and data sharing in Global Risk Regulator’s article on the UK Treasury and the financial regime ahead of Brexit.

The article looks at the impact of technology on regulators as well as financial institutions. It notes that in prospect is an era of regtech that could enhance transparency and help standardise regulatory processes. The article goes on to say that in principle, it could also lead to a step-change in reporting requirements with regulators asking for far more granular information, knowing this can be gathered by firms in real-time at a bearable cost.

David comments: “Sharing existing data around the system better would also be a real win for the regulators.”

He goes on to say: “There has been criticism particularly of the FCA over the British Steel pension scandal. 

“So much of this data is flowing into the regulators but fails to get passed on. Does the information going to the Financial Ombudsman find its way around the system for example?”

David adds: “In the longer term there would also be scope for regulators to analyse patterns in the data better so they can spot money laundering and other illegal activities.”

Read the full article in FT’s Global Risk Regulator

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