The Trade Association for RegTech in the UK
Mission and Objectives
The mission of Innovate Finance’s RegTech Programme is to support, champion and advocate for RegTech companies in the UK
Make the UK the global leader for RegTech and compliance technology
To drive the access, adoption, and implementation of RegTech and compliance technology in the financial services sector in the UK.
RegTech is leading the way in developing technology and applications that are core components of future growth, including the application of Artificial Intelligence and the development of trusted digital verification services.
This can not only enable firms across the UK to improve their competitiveness and productivity; it is also an important growth sector in its own right for the UK economy and for UK industrial strategy. In 2023 the global RegTech market was valued at $12.82 billion and it is projected to grow to $85.92 billion by 2032, according to Fortune Business Insights - a compound annual growth rate (CAGR) of 23.6%.
Good regulation is vital to a stable and sound financial services sector. It must serve the interests of both consumers and investors alike. Good regulation is an enabler of the wider financial system, providing trust and confidence for everyone’s benefit.
Regulations and their complexity are likely to increase both domestically and internationally due to growing consumer protection concerns, technological advancements, the global push for sustainability and ESG, and greater international regulatory coordination driven by globalisation. By complying with regulations better, cheaper, and faster RegTech can enhance the competitiveness of the UK financial services sector and make it a safer and stronger place to do business.
Regulators themselves can provide for better, cheaper and simpler supervision of markets and regulatory compliance by supporting and implementing technology led solutions.
Why a RegTech Programme?
Members and Partners
RegTech UK members are firms that provide technologies and solutions that facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities. While RegTech is closely associated with financial services and FinTech, its applicability extends to any regulated industry.
Achievements and Initiatives
Since its inception, the Innovate Finance’s RegTech Programme has supported its RegTech members with bespoke advocacy work.
You can see some of the Programme achievements and policy initiatives below:
We advocated for RegTech to be a core component of the UK Government's Financial Services Competitiveness and Growth Strategy, including our position paper on this.
In the Innovate Finance submission to the House of Lords inquiry on the FCA and PRA’s secondary competitiveness and growth objective, we made the case for RegTech solutions as a driver of compliance and the UK's international competitiveness.
In collaboration with the City of London Corporation, Innovate Finance launched the RegTech Platform where key stakeholders in the sector are convened to identify and resolve strategic issues concerning RegTech adoption.
Together with the City of London Corporation and RegTech Platform, Innovate Finance published a report on the RegTech Test: Identifying the Policy Impact on Compliance Technology. This report sets out proposals on what regulators must do to assess how technology can enable regulatory compliance. Our blog titled The ‘RegTech test’: How can regulators encourage the adoption and growth of RegTech in financial services compliance? explains this further.
In partnership with KPMG, Innovate Finance produced a report titled A user’s guide to RegTech: Navigating the challenges and what success looks like. This report provides an explanation of RegTech, its importance, emerging trends, use cases and adoption successes.
Working with the City of London Corporation and Grant Thornton, Innovate Finance conducted a survey to understand challenges, opportunities and priorities that characterise the RegTech ecosystem.
General
Enquiries
If you have any questions about RegTechUK, feel free to reach out using the form, and our team will respond shortly.
Alternativley you can email connect@innovatefinance.com
