RegTech: A missed opportunity?

78% of Jersey firms believe RegTech tools are increasingly necessary for achieving compliance

On Thursday 21st July, the Jersey Financial Services Commission (JFSC) will be hosting an event at the Royal Yacht hotel looking at the findings of an independent report commissioned by the JFSC on the adoption of Regulatory Technology (RegTech) in Jersey.

RegTech firm RT Associates who conducted the report found that 78% of Jersey firms believe RegTech tools are increasingly necessary for achieving compliance.

The event will offer an opportunity to speak with Dr Sian Lewin from RT Associates as well as other panellists from the JFSC and Industry.

Jill Britton, Director General at the Jersey Financial Services Commission added: “Our regulatory framework sets a strong foundation for Jersey to remain a world leading financial services sector. RegTech has a critical role to play in supporting this position across the technology driven financial services markets.

We have engaged RegTech Associates to launch an independent survey to clarify Industry’s obstacles in accommodating RegTech and to drive a more efficient and effective compliance process.”

Dr Sian Lewin from RT Associates, added: “We were delighted to see such a high level of engagement with this project from the financial services industry in Jersey. It shows that there is huge appetite for the financial services community to work together to remove barriers to the adoption of RegTech to improve compliance outcomes and further strengthen Jersey’s reputation as an international financial centre”.

JFSC would like to thank all who participated and shared information about the research project with colleagues and members