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.