Capco has tracked the continuous increase in regulatory costs and complexity within the financial industry over the last decades and strongly welcomes this initiative, alongside similar initiatives by other regulatory bodies. We believe that following the vision outlined by the Bank of England will lead to a positive disruptive change in processes for regulatory reporting. We want to support this strategic initiative as it will provide many benefits for the entire industry, notably enhanced regulatory data accuracy and consistency, along with a reduction in complexity, implementation timelines and costs.

We also recognise that success in this area is far from guaranteed. From our prior hands-on experience at specific financial institutions and with similar initiatives, and through our long-standing cooperation with standard setters, we believe some key principles (lessons learned) must be adhered to.

These principles are bold and require strong commitments from many different parties, including regulators and financial institutions. Aligning with these principles will allow your proposed approach can become a game changer for regulatory reporting and make an important contribution to the competitiveness, transparency, and stability of the financial industry. Download this paper to read our full response.

Capco has tracked the continuous increase in regulatory costs and complexity within the financial industry over the last decades. We believe that following the vision outlined by the Bank of England will lead to a positive disruptive change in processes for regulatory reporting – find out why in this paper.