The FCA To Embrace Technology As A Way To ‘Support Growth And Improve Lives’
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The UK financial regulator, the Financial Conduct Authority (FCA) recently stated that it intends to focus on embracing technology as a key tool of its five-year strategy. The idea is to adopt modern technologies to make its work more efficient, support growth, and improve lives.
Speaking of its plans for the next half a decade, the financial watchdog has identified four priorities. Those include becoming a smarter regulator, supporting economic growth, helping British citizens navigate their financial lives, and continuing to fight financial crime.
The first of the four goals, to be smarter, will be achieved through investments in technology, systems, and people. Essentially, the FCA wants to build up its digital capabilities, which would allow it to handle 100,000 cases that it tackles every year with greater efficiency.
As part of this, the regulator also aims to digitize and simplify the authorization processes for firms, making it faster and simpler to apply.
Additional Plans For Years To Come
Along the way, the FCA also plans to integrate the Payment Systems Regulator, as well as many of its functions. As it does this, it will also work on improving Open Banking, and it intends to launch Open Finance.
Doing so could make data-sharing and unlocking new product innovation more seamless. Not to mention that it could significantly cut costs while introducing more choice, and better information for consumers.
The FCA’s chief executive, Nikhil Rathi, commented on the 5-year strategy by saying that the 4 listed priorities will be connected, and will reinforce one another. Furthermore, the FCA is also looking forward to collaborating with its partners in order to achieve the listed goals faster and more efficiently.
Rathi stated that everyone at FCA is ambitious when it comes to the future and that they are committed to enabling a fair and thriving financial services market, which will go a long way to improve the situation for the consumers, as well as the general UK economy.
