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Technology and Innovation to Support Regulated Firms
As technology and data continue to transform the financial services industry, the FCA is also transforming its operations to protect consumers, enable growth, and reduce regulatory burden for firms.
Digital Front Door to Simplify Regulatory Journey
The FCA has introduced the Digital Front Door to create a seamless firm experience and simplify the regulatory journey. By providing a single point of entry, firms can engage with innovation services and receive the right innovation service according to their needs. The Digital Front Door includes various digital tools such as decision trees and an FAQ digital assistant which matches firms with the most appropriate service for their needs and provides additional guidance.
Moreover, the FCA’s vision for the Digital Front Door work is expected to continue and evolve into more technology and data initiatives, including digitizing forms at the gateway, building firm portals within RegData, and revamping its website to simplify the way firms submit data to them.
Interoperability with Domestic and Global Regulators
The FCA works with other domestic and global regulators to ensure interoperability. The FCA’s work goes beyond domestic applications and includes collaboration with international counterparts.
Greenwashing
Rusu also talked about the FCA’s efforts to prevent greenwashing. The FCA has been collaborating with UK regulators such as the Prudential Regulation Authority to develop a strategy that will prevent financial firms from exaggerating or misrepresenting their environmental credentials. The FCA also launched a consultation to gather feedback on its proposals and plans to release its final guidance later this year.
