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31/03/04
Hi-tech Industry will deliver FSA's new Integrated Regulatory Return
As the Financial Services Authority (FSA) today announces its plans to introduce Integrated Regulatory Returns (IRR) based on eXtensible Business Reporting Language (XBRL), Intellect confirmed its commitment to work closely with the Authority to ensure the technology enabling the process is implemented smoothly and effectively.
Speaking at Intellect's Financial Services Group, Chris Wood the group’s Chairman took the opportunity to pledge the industry’s commitment to its new role on the Software Suppliers Advisory Panel (SSAP), and to achieving the aim of establishing a common understanding of the XBRL language amongst the ISV community.
"The ICT industry is committed to working closely with the FSA, as a key member of the SSAP, and to enabling it to deliver an efficient and effective electronic reporting system to the financial services industry", he said.
"There is a critical need to establish a common understanding of the XBRL technical standards amongst the ISV community. Intellect is dedicated to working with the FSA and the SSAP to ensure this happens, and to keeping the channels of communication open to enable the project to be implemented smoothly."
Intellect has also been invited to join the SSAP's Technical Working Group (TWG), created to assist firms and ISVs in working with the FSA's systems, and in particular the direct submission facilities. The TWG will work directly with the FSA to ensure that the technology choices are reasonable and can be used simply and cost effectively by firms. Cormac McKenna, of Fujitsu Software and one of Intellect’s representatives on the TWG said, "The FSA's IRR system presents many technical challenges and opportunities to vendors and ISVs in the financial reporting marketplace, not least the XBRL-based reporting requirement for direct submission. XBRL will play an increasing role in financial reporting for other regulatory bodies and this is a chance for the UK to build up the skills and knowledge to apply this standard."
"The FSA is to be commended in using the TWG to keep vendors and the ISV community informed of its developments, and to channel the community’s views, to ensure that a smooth adoption of the system is achieved," continued McKenna.
Chris Wood concluded, "this is the beginning of the process, and it is critical that work needs to be ongoing to ensure that the industry and FSA develop a comprehensive understanding of the IRR requirements and the technological solution. This is a positive step and will ultimately help to ensure the delivery of a system capable of providing the time and cost efficiencies anticipated by the financial services industry."
About the Software Suppliers Advisory Panel The SSAP has been established to support the Financial Services Authority in the introduction of electronic reporting for regulated firms. Specifically it has been convened to represent the community of software suppliers (ISVs) that provide relevant systems to those firms that are regulated by the FSA. Members include ISVs, Government Agencies and Trade Bodies.
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