thewealthnet     About Us    |    FAQs    |    Contact Us
  Advanced Search       RSS Feed  twitter  linkedin 
Welcome to thewealthnet    |   Europe, Middle East & Africa Get The App   |   Login
  Thu 17th Jan 2019  |    Make this my homepage  
Subscribe now!
Credit Cards Accepted
World Map
UK regulator accused of 'failing on technology'
21/06/2018 , News Team

Regulators are failing on technology,  said Andrew Milne, head of wealth client services at GPP, commenting on the closing of the FCA consultation and on using technology to achieve smarter regulatory reporting. 

Mr Milne said: “The FCA consultation raises a critical issue given the rocky start to MiFID II reporting this year. The amount of data to report across the industry has increased tenfold, and combined with the barriers of both out-of-date systems and tight time constraints, there is no solution to move forward other than standardised, efficient technology across the board.
“We have seen firms spend considerable sums upgrading their reporting systems with the latest tech available, but surprisingly it has been the regulator that has not held up its end of the bargain, unable to process all of the data being received. While it is true that some firms are yet to implement the necessary compliance procedures, this is clearly not a situation conducive to strict and proper oversight."
He continued: “One of the biggest challenges to the utilisation of regulation tech will be the removal of age-old business processes. Prior to MiFID, firms were under no pressure to modernise their procedures, but the changes enforced in January brought a perfect storm: monumental change on a tight timeframe. 
“MiFID II was years in the making, but regulators only announced certain requirements just months ahead of the deadline. Now we are in a position where many firms are both scared and out of depth with much of what is being asked of them."
Mr Milne concluded: “It is hard to imagine the industry taking new tech under its wing with this anxious mentality. The regulators could be supporting the process more by giving clearer objectives and more attainable timelines.”

Founded in 2008 GPP launched as a custody and clearing services provider. Since then it says it has "developed by adding a full prime brokerage offering, targeting small and mid-sized hedge funds looking for seamless technology while being supported by a tailored service."

Share with Linkedin Share with Twitter
Poor   Average   Good   Excellent
thewealthnet archives contain 50,885 articles dating back to 1997,making it the largest single source of information on the wealth management industry world-wide. To search for more articles, please click here.


© This article originally featured on thewealthnet. It is protected by international copyright law. If you copy this article illegally, you will be liable to prosecution. All rights in and relating to this article are expressly reserved. No part of this article may be reproduced, stored in a retrieval system or transmitted in any form or by any means without written permission from the publishers.

    Latest Headlines:    by Topic | All News
  Advertise   |   Contribute   |   Press Release   |   Terms of Use   |   Privacy   |   Contact Us Copyright Pam Insight Ltd., All Rights Reserved