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These combined functionalities not only transform operational governance and oversight efficiencies, but have a significant impact on businesses’ abilities to accelerate trade, expand trade partner portfolios and ultimately provide faster routes to revenue.

Zoë Parsons

Head of Marketing

How Compliance Software Can Alleviate Regulatory Burden

In today’s rapidly evolving business landscape, regulatory compliance has become a significant challenge for financial institutions and other regulated industries. The ever-changing and complex regulatory requirements place a heavy burden on organisations, leading to increased costs, resource allocation, and operational inefficiencies. However, a silver lining appears through the rise of compliance software, which serves as an innovative solution to manage the abundance of regulatory requirements.

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Zoë Parsons

Insights, views and talking points from REG

Building a Faster, Smarter, Safer Market: Research Report

This research report delves into the challenges posed by the ever-evolving regulatory landscape, which have resulted in decreased process efficiency and compliance impacts. Despite the proliferation of technology, the market remains hesitant to fully embrace regulatory technology (RegTech) solutions. However, businesses that have adopted RegTech have experienced significant benefits in streamlining their compliance operations. How can the market overcome the barriers and leverage technology to thrive in the face of regulatory pressures?

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Fair Value Compliance in the Insurance Sector: Tackling the Data Challenges

The UK insurance sector is facing a significant shift in how it approaches consumer protection and fairness. The introduction of the FCA’s Consumer Duty has set a new regulatory standard for insurers, Managing General Agents (MGAs), brokers, and other distributors. Central to this is the concept of fair value a principle designed to ensure that financial products meet the needs of the customers they’re sold to, and that consumers are protected from poor value or unnecessary costs. For many firms, however, implementing fair value standards is far from straightforward...

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Market Briefing – Cracking the Chain: RegTech’s Role in Fair Value Compliance

Access our insightful market briefing hosted by our Head of Customer Success Nathan Banfield, in collaboration with the Managing General Agents' Association (MGAA) to learn how RegTech enables insurers and MGAs to meet compliance expectations and stay ahead of regulatory changes.

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Fair Value Blog

Setting the Standard for Fair Value Compliance with RegTech

Ensuring fair value for consumers has become a central concern for insurance firms. Regulatory bodies, such as the UK's Financial Conduct Authority (FCA), have increased their focus on fair value assessments to ensure that products and services genuinely benefit consumers relative to their costs. This heightened scrutiny has prompted insurers and Managing General Agents (MGAs) to reassess their practices, resulting in significant operational challenges. 

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Mastering Fair Value: How RegTech Solutions Tackle Fair Value Assessment Challenges

Mastering Fair Value: How RegTech Solutions Tackle Assessment Challenges

As the July 31st deadline for Consumer Duty board reports approaches, effective reporting on assessment processes and positive consumer outcomes has never been more critical. The FCA states that fair value is the biggest challenge under the Consumer Duty, with firms managing diverse product lines and extensive distribution channels encountering heightened difficulties in gathering and processing data. Establishing a robust system capable of continuously requesting, acquiring, and analysing data from any size distribution network is essential for conducting thorough assessments. Those still reliant on emails and spreadsheets, rather than specialised digital solutions, find it challenging to manage these tasks effectively...

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Consumer duty

Consumer Duty: Challenges and Priorities for 2024

The Consumer Duty, enacted by the UK’s Financial Conduct Authority (FCA) on July 31st, 2023, represents a pivotal regulatory shift, mandating firms to prioritise customer interests and elevate outcomes. Applicable to all entities regulated by the FCA, spanning insurance firms, banks, and investment companies, the Duty extends across the spectrum of products and services offered to individual consumers and micro-enterprises. Since enforcement, adherence to the Duty has brought forth an array of challenges for firms subject to the new rules. With regulators imposing strict scrutiny, let’s explore the challenges around compliance with the Duty and how firms can overcome them...

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