Splitting the bill

The role for shared platforms in financial services regulation

This paper explores the hypothesis that the creation and widespread adoption of shared platforms across the financial services sector will result in an overall net positive economic effect through improved efficiency of compliance, reduced operational costs, increased opportunity to tackle financial crime and improved customer experience.

Following the launch of HM Treasury’s FinTech Sector Strategy in 2018, Deloitte and TheCityUK were commissioned to explore the potential of shared platforms, the opportunities that such platforms present and the particular challenges they face.

The result is Splitting the bill, which examines the concept of shared platforms in more detail and defines the next steps and recommendations relevant for government, industry and the regulators required to make shared platforms a reality.

In this report, seven candidates shared platform concepts are considered, with two receiving particular focus – Know Your Customer and regulatory reporting.

Benefits of shared platforms

The creation and widespread adoption of “shared platforms” across the Financial Services industry has a range of potential benefits, including:

Challenges to implementation

There are a range of impediments that continue to limit the ability to develop these concepts into fully operational solutions including liability and accountability, regulatory alignment and validation of identity. The solution to these challenges is a combination of people, process and technology and the evolution of the regulatory and legal landscape.

The opportunity for the UK to lead

The positive approach that has placed the UK at the forefront of the FinTech revolution benefits start-ups, incumbents and consumers alike, but to capitalise further requires start-ups and incumbents to better understand how to approach and work with one another.

A summary of our recommendations

The concept of liability and accountability needs to evolve to reflect and encourage a shared platform model.
The shared platform concept should be underpinned by a focus on defining central policies and common standards for data collection and assessment.
Agreement needs to be reached between regulators at a regional, and ultimately, a global level on data standards and the provenance of data into and out of the shared platform.
Government should consider the drive towards digital identification at scale as a strategic objective.
Starting at the regional utility level, regulators in collaboration with industry should work to define a set of common standards (technical, data and process).
A working group should be established across Government, the regulator and industry to look at the governance, ownership, target operating and commercial models associated with shared platforms.

Find out more

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