Speaking at the Innovate Finance Global Summit, Rusu said in the past few months, there have been many significant events in the market, from the collapse of FTX, Silicon Valley Bank and Credit Suisse, to some key moments in tech, with the release of ChatGPT, clamping down on TikTok, and most recently the UK government’s white paper on Artificial Intelligence.
“The use of data and technology continues to transform financial services,” he said.
“We’re also innovating — we’re working hard to use data and innovation to protect consumers, drive growth, and transform our operations.”
Some questions Rusu often asks are:
- how the FCA is reducing the firm burden – what it is doing to make it easier for regulated entities to compete and grow in the UK market;
- interoperability – what it does to be compatible with other local and global regulators; and
- data – what it does to take advantage of the vast amount of data it collects as well as publicly available data sources.
“As a technology leader, I am convinced more than ever, that the answers to these questions lie in innovation, AI, and digitally enabled regulation,” he said.
“One of the main reasons we invest in technology and innovation is to better support the companies we regulate, and our digital transformation programs are focused on driving efficiency, more good results, and reduced regulatory burden for companies.”
For example, by simplifying the travel regulation, he explained.
“If you don’t know how to join innovation services, we’ve made it simple by providing a single entry point through our new Digital Front Door, designed to create a seamless robust experience.
“Just tell us a few things about what you want to achieve, and we’ll try and make sure you get the right remodeling service.”
To support this, the FCA said it has introduced a number of digital tools, including decision trees, and an FAQ digital assistant to match companies with the most appropriate service for their clients. needs, and provide additional guidance to help answer any additional questions.
“Secondly, our vision for the Digital Front Door work will continue and expand, including many technology and data initiatives, such as digitizing gate forms, building strong portals in within RegData, revamping our website, and improving our data processing power to simplify the way companies submit data to us,” he said.
Greenwashing
Speaking of interoperability, Rusu said that FCA’s work goes beyond local applications and includes collaboration with international counterparts.