FCA bid to become ‘highly data-driven regulator’

Go to the profile of Money Marketing
Jan 09, 2020
0
0

The FCA hopes to become a “highly data-driven regulator,” as it sets out its ambitious data strategy.

The FCA is satisfied that its original data strategy from 2013, which focused on how the regulator collects and manages data, “served it well particularly in how [it] minimises the burden of data collection on firms.”

While the FCA’s 2013 data strategy focused on data collection and management, the vision released today outlines the regulator’s intention to use advanced analytics and automation techniques to “efficiently predict, monitor and respond to firm and market issues.”

The City watchdog hopes using automation and analysis will enable it to simulate policy outcomes or identify where it needs to intervene.

The FCA said the five year plan includes investment into new technology, increased use of external data or establishing data units in selected parts of the organisation, or exploiting opportunities from the FCA’s migration to cloud-based IT infrastructure.

FCA strategy and competition executive director Christopher Woolard says: “Advances in technology are changing the nature of the firms and markets we regulate.

“Our data strategy provides a clear path for us to ensure we have the necessary skills and processes in place to remain at the forefront of this change.

“In keeping with our mission, a data-driven approach to regulation allows us to anticipate harms before they crystallise, better understand the effect on consumers of changing business models and to regulate an increasing number of firms efficiently and effectively.”



Go to the profile of Money Marketing

Money Marketing

Money Marketing, emap

The leading magazine and website for IFAs and professional financial advisers. Pensions, investment, mortgages, protection, platforms and regulation news.

No comments yet.