Innovate Finance has launched RegTech UK, a trade association for UK regulatory technology firms.

Innovate Finance said the new organisation will offer firms working in this space support to grow and drive the competitiveness of the UK in RegTech and compliance technologies.

Speaking about the launch at FStech’s RegTech Live conference on Thursday, Andy Thornley, head of regulatory policy at Innovate Finance, said that RegTech UK will bring vendors and companies together to work with the regulators.

“There is a lot of pressure, a lot of work involved and if you get it wrong, the consequences are pretty serious,” he added. “This is where RegTech as a sector is really important.

“It is something we recognise and this is why we decided to step in to bring the community together.”

The new trade association will also focus on boosting access, adoption and implementation of RegTech in the financial services sector and more widely.

Innovate Finance projects that the global RegTech market will grow to $85.9 billion by 2032, with the industry likely to provide a key opportunity for UK economic growth.

Under the Innovate Finance umbrella, RegTech UK will engage key stakeholders across regulators, policy makers, industry, and government to improve the regulatory environment for RegTech.

Additionally, Innovate Finance said the move would support UK RegTech firms in their scaling journey and will help showcase their business and services to investors and potential clients.

Growing concerns around consumer protection, the increasing cost of compliance to firms, and greater international regulatory coordination mean that effective RegTech solutions and compliance technologies are needed now more than ever, added the organisation.

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