By FINTECH Books Contributor, Ian Brewer Minority Report where Tom Cruise made “pre-crime'” a futuresque and controversial method of law enforcement. For those who haven’t seen the film its about predicting what going to happen before it happens and in the films case it used 3 humans called the pre-cogs who could send their visions to a visual interface which could record and play out events before they had happened. By being able to see these events before they became real the law enforcement could get there before the crime happened and stop it. This got me thinking a while back and with the recent hikes in levy fees and regulation costs which most of the financial adviser population are not responsible for there seems to be no fair way of distributing costs for others misdemeanours, fraudulent activity and downright blatant attempts to relieve the consumer of their money illegally. But what if you could pre predict miss-selling, spot bad behaviour and fraudulent activity before it happens? If a system existed the regulator would be able to monitor everyone, processes could be pre approved by the regulator but more important the regulator would be able to monitor everyone in real time and spot and stop bad practices before they ever became a problem. The upside would be less costs on regulations, lower levy fees due to removing claims for miss-selling and PI insurers could reduce costs too if they had access to the REGTECH system. Does this sound too far fetched? No its already been built. If you would like to learn more about RegTech please look at our video courses at FINTECHCircleInstitute.com