On 23 March 2017, the European Commission launched a public consultation entitled “FinTech: a more competitive and innovative European financial sector”. The consultation closed on 22 June 2017. The purpose of the consultation was to seek input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services.
226 firms responded and the Commission released a summary of the responses. In the subject RegTech: bringing down compliance costs
A large majority of respondents believed that RegTech could contribute to reducing compliance costs and making internal risk management systems more efficient. The areas most often mentioned were: anti-money laundering, know-your-customer requirements, fraud and market abuse detection and supervisory reporting.
Industry respondents considered that policymakers should adopt a supportive approach to RegTech as a way of encouraging take-up by industry, improving efficiency and reducing costs. The majority of public authorities welcomed an open dialogue on RegTech with industry and more coordination with other authorities to ensure a consistent attitude towards the use of RegTech-solutions for compliance purposes.