The report from the corporation that runs London’s “Square Mile” financial district called for the removal of barriers to engineer a “paradigm shift” in the use of “RegTech”.

RegTech refers to the emerging use of technology to streamline and cut compliance costs at financial firms, such as for reporting data on market transactions to regulators and spotting crime.

Its use is being held back by long procurement cycles, slow decision making inside firms, lack of awareness about RegTech, constraints from existing technology, and lack of funds, the report said.

“We are calling for more to be done to support the sector to grow and thrive, strengthening London’s global competitive offer and benefiting the wider UK economy,” Catherine McGuinness, head of the City of London Corporation, said.