Last week the FCA published the speech by Jessica Rusu, their Chief Data, Information and Intelligence Officer, delivered to delegates the Innovate Finance Global Summit. Her speech focussed on innovation, artificial intelligence (AI) and the future of financial regulation.
At a time when the use of data and tech continues to transform financial services the FCA is working hard to leverage data and innovation to protect consumers, enable growth and transform its operations. Key highlights from Ms Rusu's speech are detailed below:
Innovations include the complete refresh of the current Innovation programme (doubling the volume of TechSprints and introducing PolicySprints) and include the launch of a completely new Innovation Pathways service. Whilst innovation is seen to primarily support growth, the work with finance and industry practitioners also aims to support customers in the current cost-of-living crisis and will focus on sustainable and affordable credit providers.
A new digital Sandbox Service is being created. This will allow users users to access a vast array of data including synthetic transaction and market data and 200 data assets, including payments and transactions data, investment data, Companies House data, and both consumer and credit data.
The regulator will be hosting a world first global TechSprint with their Global Financial Innovation Network (GFIN) partners to tackle issues regarding greenwashing. This is an initiative with international regulators across borders and aims to ensure that consumers have access to genuinely ‘green’ or sustainable financial products and services.
Promotion of the ScamSmart campaign, encouraging consumers to check the Financial Services Register to ensure that a firm or investment they are considering is legit. Next month the FCA will be hosting a TechSprint focusing on the FS Register and how it can be harnessed by third parties.
The FCA is currently collaborating with the Digital Regulation Cooperation Forum, conducted jointly with the Bank of England, working through what the appropriate framework for AI in financial services could look like.
Work continues on the Big Data Challenge to optimise how data is collected, stored and exploited.
In her concluding speech Ms Rusu commented:
Our Data, Technology, and Innovation teams are playing a vital role in keeping our dynamic financial services industry safe and adaptive to the future of finance, ensuring the UK maintains its position as a preeminent financial centre.
Read her full speech here