ob体育 today released its response to industry feedback on ob体育's Innovation Hub and its approach to regulatory technology.
In May ob体育 released for consultation Report 523 ob体育's Innovation Hub and our approach to regulatory technology (REP 523).
ob体育 sought feedback on:
- its overall approach to innovation
- setting up a new regtech liaison group
- its continued use of technology trials, and
- the hosting of a problem-solving event.
'We are grateful to respondents for their feedback,' said Commissioner John Price.
'The range of feedback was very valuable in helping ob体育 consider the interests and needs of regtech industry stakeholders.'
Responses were generally very supportive of ob体育鈥檚 Innovation Hub and its approach to regtech. However, there were differences of opinion on our proposed new initiatives, particularly the regtech liaison group and regtech problem-solving event.
Overarching themes from consultation are:
- Respondents were in favour of ob体育 being ambitious in the regtech area.
- There are complex questions of policy surrounding ob体育's role in regtech, and ob体育 must consider how best to balance its role as both a regulator and as a technology user, and
- ob体育 should consider where and how it might improve transparency across the board in its engagement with the regtech industry.
'We think proposals in our consultation paper represent the starting point of an evolving approach to regtech,' Mr Price said.
'ob体育 plans to hold our first Regtech Liaison Group meeting before the end of the year.'
'By implementing our proposed initiatives, we hope to learn more about how we can promote collaboration and encourage the development of the regtech sector.'