| Link(s): | Tech, trust and teamwork: how the FCA and ICO are helping innovation take off | FCA Tech, Trust and Teamwork: How the FCA & ICO are Helping Innovation Take Off | ICO |
Context
Nikhil Rathi, FCA Chief Executive, and John Edwards, the UK Information Commissioner, have published identical blogs (on the FCA website and on the ICO website) to discuss how the two organisations will work together to help firms use AI responsibly, while protecting consumers and fostering innovation. To help innovation succeed, the two organisations want to underpin innovation with confidence to try new ideas, trust, and a joined-up regulatory approach even where it is challenging to provide clarity in a fast-changing environment. The FCA and ICO are working closely together to support firms navigating data protection and financial regulation in a way that helps them innovate confidently.
Key points to note and next actions
The blog considers the issues of:
- regulation as a bridge, not a barrier;
- listening to the financial services sector;
- support in putting regulatory principles into practice;
- liability and the supply chain;
- awareness of support; and
- looking ahead