Ascent, a compliance automation platform, has added three new UK regulators to its compliance management ecosystem.
The RegTech company has added UK’s Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and London Clearing House (LCH), specifically LCH SA & LCH Ltd.
By leveraging AI technology, Ascent can generate the regulatory obligations and ongoing rule updates which impacts specific customers, saving them time and money in analysing regulations. With each regulation on the system, a customer has access to a unique obligation register which specific to their business and automatically updated.
The FCA is the UK regulatory body which is completely independent from the UK government but is accountable to Her Majesty’s Treasury and Parliament. It regulates banks, mutual societies, financial firms, and individual financial advisors, with the power to suspend entities or issue warnings.
Ascent teamed up with the FCA late last year to create the FCA’s handbooks.
The PRA jointly operates with the FCA and is the prudential regulator of approximately 1,500 banks, building societies, credit unions, insurers, and major investment firms. It works to promote the safety and soundness of those it regulates.
The LCH is a British clearing house with serves international exchanges and over the counter (OTC) derivatives.
Ascent is continuously looking to add more regulators to its ecosystem. Earlier in the year, the RegTech added seven other regulators to the group, including US-based FFIEC, Singapore-based MAS, and Australian regulator ASIC Corporations Act.
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