We will embrace new technologies to improve our efficiency and effectiveness as a regulator, and deliver benefits to financial services firms and the real economy.
To deliver a world-class regtech and data strategy, we will:
- Launch a review in consultation with banks, insurers and financial market infrastructures to explore a transformation of the hosting and use of regulatory data over the next decade. The review will seek ways to decrease the burden on industry and to increase the timeliness and effectiveness of data in supporting supervisory judgements.
- Identify and implement improvements in the Bank’s use of data in the next one to three years, including better tools for peer analysis, and beginning to exploit the benefits of machine learning and AI for regulation and supervision.
- Explore proofs of concept to deliver interim improvements over the next three years, for example integrating multiple data sources for market monitoring and automating parts of the authorisations process for new firms.
- Complete the process of making the PRA’s Rulebook machine-readable over the next three to five years, with the aim of simplification and removing redundancies.
Our response Find out what regtech is and why it is needed: