Speaking at the Innovate Finance Global Summit, Rusu said in the past few months, there have been several significant market events, from the collapse of FTX, Silicon Valley Bank and Credit Suisse, to several significant moments in tech, with the release of ChatGPT, the clamp down on TikTok, and most recently the UK government white paper on Artificial Intelligence.
“The use of data and tech continues to transform financial services,” she said.
“We’re transforming too – we're working intensely to leverage data and innovation to protect consumers, enable growth, and transform our operations.”
A few questions Rusu is frequently asked about is:
- how the FCA is reducing firm burden – what it is doing to make it easier for regulated entities to compete and grow in the UK market;
- interoperability – what it is doing to align with other domestic and global regulators; and
- data - what it is doing to exploit the masses of data it collects as well as publicly available data 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 said.
“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 example, by simplifying the regulatory journey, she explained.
“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 support this, the FCA said it introduced a number of digital tools, including decision trees, and an FAQ digital assistant to match firms with the most appropriate service for their needs, and provide additional guidance to help answer any further 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 said.
Greenwashing
Discussing interoperability, Rusu said the FCA’s work goes beyond domestic applications and includes collaboration with international counterparts.
