This is good news.
UK financial regulators find it difficult to obtain a macro view of the state of compliance within their sector, let alone carry out enforcement action.
Having seen first hand compliance teams at banks struggling to comply with their reporting obligations, these technology solutions proposed by the regulators will be welcomed.
The proposed solutions will also help the regulators to justify the level of regulation currently imposed, thereby batting away calls for deregulation after the UK leaves the EU.
In addition, the FCA, the Bank of England and seven regulated firms have jointly published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by the regulators, thereby reducing the cost of collection, improving data quality and reducing the burden of data supply on the industry.