One of the first causes the Financial Conduct Authority invests in expertise and innovation is to higher help the companies it regulates, based on Jessica Rusu, chief knowledge, data and intelligence officer. 

Speaking on the Innovate Finance Global Summit, Rusu stated up to now few months, there have been a number of important market occasions, from the collapse of FTX, Silicon Valley Bank and Credit Suisse, to a number of important moments in tech, with the discharge of ChatGPT, the clamp down on TikTookay, and most not too long ago the UK authorities white paper on Artificial Intelligence.

“The use of data and tech continues to transform financial services,” she stated. 

“We’re transforming too – we’re working intensely to leverage data and innovation to protect consumers, enable growth, and transform our operations.”

A couple of questions Rusu is steadily requested about is:

• how the FCA is lowering agency burden – what it’s doing to make it simpler for regulated entities to compete and develop within the UK market;
• interoperability – what it’s doing to align with different home and world regulators; and
• knowledge – what it’s doing to take advantage of the plenty of information it collects in addition to publicly accessible knowledge sources.

“As a tech leader, I am convinced more than ever before, that the answers to these questions rest with innovation, AI, and digitally enabled regulation,” she stated. 

“One of the primary reasons we invest in technology and innovation is to better support the firms we regulate, and our digital transformation programmes are centred on driving efficiencies, better outcomes, and reducing regulatory burden for firms.”

For instance, by simplifying the regulatory journey, she defined. 

“If you don’t know how to engage with innovation services, we’ve made it simple by providing a single point of entry through our new Digital Front Door, designed to create a seamless firm experience. 

“Simply tell us a few things about what you want to achieve, and we’ll triage and ensure you receive the right innovation service.”

To help this, the FCA stated it launched quite a lot of digital instruments, together with determination bushes, and an FAQ digital assistant to match companies with essentially the most applicable service for his or her wants, and supply extra steering to assist reply any additional questions.

“Secondly, our vision for the Digital Front Door work will continue and goes much further, including numerous technology and data initiatives, such as digitising forms at the gateway, building firm portals within RegData, revamping our website, and evolving our data processing power to simplify the way firms submit data to us,” she stated.

Greenwashing 

Discussing interoperability, Rusu stated the FCA’s work goes past home functions and contains collaboration with worldwide counterparts.