Written by Compliance Week
The financial crisis saw a heavy investment in compliance as regulators on both sides of the Atlantic hit banks and other firms in the sector with massive fines for years of bending the rules and breaking the law. Now the financial services industry is looking to cut back on those costs, and increased technology spend appears to be the answer.
In a sector with so much complexity, to what extent is RegTech solving the real compliance issues facing financial services?
Half of the companies in the first wave of the Financial Conduct Authority's advice unit have either launched a low-cost advice service or will be doing so imminently.
Over the last ten years it has become increasingly possible to turn bright technology ideas into smooth, working, scalable solutions, writes founding director of Altus, Kevin Okell.