FCA and BoE ramp-up data credentials to 'transform' UK regulation

Should reduce reporting cost burden

clock • 3 min read

The Financial Conduct Authority (FCA) and the Bank of England (BoE) have committed to transforming the way in which UK firms are regulated via an unprecedented drive to improve the regulators’ data and analytics capabilities.

Announcing their plans on Tuesday (7 January), the regulators said the changes would improve the standard of regulation, allowing them to "anticipate harms before they crystallise", and reduce the cost of reporting for regulated firms. It follows previous signals from the FCA that it would embrace machine learning techniques to become a "robo-regulator", with aspirations likened to "science fiction". The FCA's new data strategy is a five-year plan intended to transform the watchdog into a "highly data-driven regulator", it said, and will lead to an increased focus on the use of advanc...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA to cut red tape for investment firms in bid to streamline regulation

FCA to cut red tape for investment firms in bid to streamline regulation

Volume of legal text cut by 70%

Linus Uhlig
clock 24 April 2025 • 2 min read
Zero cases of non-financial misconduct opened by FCA in two years

Zero cases of non-financial misconduct opened by FCA in two years

A Freedom of Information request has found

Cristian Angeloni
clock 22 April 2025 • 3 min read
Emma Reynolds: Targeted support is 'exciting opportunity' but 'we need to get it right'

Emma Reynolds: Targeted support is 'exciting opportunity' but 'we need to get it right'

‘Need strong consumer protection in place’

Jenna Brown
clock 22 April 2025 • 3 min read