Context
Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, talks about how the FCA’s new Digital Sandbox will support innovative businesses and start-ups, how it is making it easier for firms to engage with its Innovation Services and how it is continuing its successful TechSprint programme with a look at Financial Services Register data.
Key points to note
The FCA is working intensely to leverage data and innovation to protect consumers, enable growth, and transform its operations, with Rusu addressing questions including what the FCA is doing to reduce the burden on firms, to make it easier for them to compete and grow in the UK market and what it is doing to exploit the masses of data it collects in addition to publicly available data sources.
Rusu states that one of the primary reasons the FCA invest in technology and innovation is to better support the firms it regulates. The FCA’s digital transformation programmes are centred on driving efficiencies, better outcomes, and reducing regulatory burden for firms.
The FCA has provided a single point of entry for engaging with its Innovation Services, through what is described as the FCA’s ‘Digital Front Door’ which, it is claimed, creates a seamless firm experience and simplifies the regulatory journey. Simply tell the FCA a few things about what you want to achieve, and it will triage and ensure the firm receives the right innovation service.
The FCA’s vision for the Digital Front Door work goes much further, including digitising forms at the Gateway, building firm portals within RegData, revamping the FCA website, and evolving its data processing power to simplify the way firms submit data.
The FCA is also looking at tech solutions to minimise what it describes as the ‘Halo effect’, which happens when an authorised firm engages in unregulated activities, and these tactics make authorised firms or investment activities seem more trustworthy than they really are.
Next actions
None – for information and awareness.