Open-heart surgery is something one would want to avoid where our own health is concerned. Yet in businesses we seem to be witnessing such when it comes to established firms moving their businesses between technology providers.
The Insurance Distribution Directive (IDD)concerns the distribution of insurance-based investment products (IBIPs). It also covers firms that assist in the administration and performance of an insurance contract post-sale. It aims to create a level playing field for all those involved in the sale of insurance products.
With The FCA revisiting the implementation of MiFIDII and with the next Suitability review, IDD and SM&CR also on their way, we are now seeing far more focus on disclosure, transparency, accountability and roles and responsibilities.
The term 'RegTech' was coined in 2015 by the Financial Conduct Authority, which described it as “a sub-set of FinTech that focuses on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities".
What if the regulatory handbook was machine-readable and your firm could assess select rules, apply to the business’s data, tasks and actions and interpret this and report back to the regulator at a click of button?