The UK’s Financial Conduct Authority (FCA) has announced its five-year strategy, emphasizing technology as a vital component in its efforts to “support growth and improve lives.”
In outlining its goals for the next five years, the FCA has identified four main priorities: becoming a smarter regulator, fostering economic growth, assisting individuals in managing their financial lives, and combating financial crime.
To enhance its regulatory effectiveness, the FCA plans to invest in technology, personnel, and systems, thereby improving its digital capabilities to better manage the approximately 100,000 cases it evaluates annually. Additionally, the organization aims to streamline and digitize the authorization processes for businesses, making applications faster and more straightforward.
As it integrates the Payment Systems Regulator and its associated functions, the FCA will also build upon Open Banking and introduce Open Finance. This initiative aims to facilitate more seamless data sharing, leading to increased product innovation, lower costs, greater choice, and improved information for consumers.
Nikhil Rathi, FCA’s chief executive, stated, “Our four priorities reinforce one another, and we look forward to collaborating with our partners as we become a smarter regulator, support growth, help consumers, and fight crime. We are ambitious for the future and committed to enabling a fair and thriving financial services market for the benefit of consumers and the economy.”