A new regtech product has been launched to help fintechs and other financial services organisations respond to regulatory changes and implementations.
RegAssure was developed by regtech company CUBE. It was created specifically for small- and medium-sized enterprise (SME) financial firms, as a way to tackle compliance issues, reduce risk and save administrative time.
“In working with the largest financial institutions across the globe we have put our automated regulatory intelligence to the test in the most demanding environments,” said Ben Richmond, chief executive and founder of CUBE.
“We wanted to take that experience and build something specifically for those that have limited budgets and resources to meet their compliance requirements. That’s what we have achieved with RegAssure, which has been founded with a single goal in mind – to provide fast, automated regulatory intelligence that intuitively knows what matters to each organisation and the people within it.”
RegAssure includes regulatory alerting, inventory and analytics capability, and has been designed to evolve as companies grow. It uses artificial intelligence to quickly understand an organisation’s business profile and deliver the regulatory intelligence that is required.
The product launch comes at a time of mounting regulatory pressures for fintech companies.
In April, the Financial Conduct Authority (FCA) said it was considering toughening up its rules on the promotion of “high-risk” investments, including P2P lending.
The regulator then wrote to the boards of P2P lenders in May, urging them to ensure their secondary markets, wind-down plans, loan disclosure and fees were fair and clear for consumers.
And last month, the FCA published a letter it sent to bosses of equity crowdfunding platforms in July, warning that “too many” consumers are still investing in inappropriate, high-risk investments that do not meet their needs.
Read more: FCA cracks down on unused firm permissions