Jersey firms are positive about RegTech benefits but significant barriers to adoption exist

LONDON, July 22, 2022 /PRNewswire/ -- RegTech Associates launched their research report into the adoption of RegTech in Jersey at an event held by the Jersey Financial Services Commission (JFSC) on 21st July.

The report demonstrates that financial services firms in Jersey are positive about RegTech, with 78% of firms agreeing that RegTech tools are increasingly necessary for achieving compliance.

At the same time, the independent research conducted on behalf of the Jersey Financial Services Commission, showed that 42.2% of firms are not yet using RegTech to address their compliance challenges.

Finding that there are several significant barriers to the adoption of RegTech on the island, the report also makes several recommendations as to how the JFSC can work with the rest of the financial services industry to close this gap between ambition and reality.

Commenting on the findings, Dr Sian Lewin, Co-Founder at RegTech Associates says "It is a privilege to work so closely with regulators such as the JFSC and provide much needed empirical evidence of not only the need for RegTech, but ways in which regulators and other stakeholders can act in concert to speed adoption for the benefit of the financial sector and ultimately society".

Jill Britton, Director General at the Jersey Financial Services Commission added: "The successful adoption of RegTech will support innovation and growth for Jersey. Our ambition is for Jersey to reach a level of RegTech maturity by the end of 2024 that is evidenced by high adoption rates, and results in cost efficiencies, improved compliance, and management of regulatory complexity."

The report can be downloaded from the RegTech Associates website: https://www.rtassociates.co/regtech-uk-research/

Contact:
Dr Sian Lewin, Co-Founder at research@rtassociates.co
Tel. 0333 090 7640
www.rtassociates.co

About RegTech Associates

RegTech Associates is a research company using its analysis to provide strategic insight and advice to clients. RegTech Associates brings all sides of the market together to help RegTech and RiskTech vendors grow and regulated firms manage compliance more effectively. Founded in 2017, RegTech Associates is a privately held company based in London.