UK regulator Financial Conduct Authority (FCA) will be using new technology and analytical techniques to improve how it regulates and operates in the future, working with the Bank of England towards similar objectives and goals.
“To perform well as a regulator, we need to collect data from (regulated firms) in line with (their) regulatory obligations. An integral part of our Data Strategy is improving the way we collect these data and we have begun work to create a new platform for our data collection systems to improve how we collect these data,” said Christopher Woolard, director of strategy and competition at the FCA, in an emailed regulatory update.
The new platform will replace the FCA’s main regulatory data collection system Gabriel: Gabriel collects over 500,000 submissions annually, across 120,000 users and 52,000 firms.
“Work is at an early stage. We want to implement an easy-to-use system that is efficient.. and can be adapted to our changing needs. We recognize moving to a new platform can initially bring additional tasks for users, and we will work with (them) during its development,” said Woolard.