The Government has granted the Digital Regulation Cooperation Forum (DRCF) £800,000 from the Regulatory Innovation Office’s (RIO) AI Capability Fund to develop its prototype “one-stop-shop” digital library for innovators.
Announced by Technology Secretary Peter Kyle in a speech to city bosses and tech firms at Mansion House yesterday, the funding will enable the DRCF to accelerate plans to create a unified regulatory resource for organisations, freeing them up to focus on innovation while navigating compliance with confidence.
Nathalie Lowe, DRCF Director of Projects, said: “We are delighted to receive an award for our digital library. It accelerates our mission to make regulation simple, clear, and accessible for innovators. With this funding, the DRCF and its member regulators – Ofcom, the Competition and Markets Authority, the Information Commissioner’s Office, and the Financial Conduct Authority, can turn our vision into action, building a tool that makes the right rules easy to find, interpret and navigate.”
Sarah Meyers, Head of Innovation and Governance said: “The digital library demonstrates that regulation and innovation can work together. By providing innovators and investors with easy access to accurate regulatory materials, the library creates an environment where responsible innovation can thrive."
The Department for Science, Innovation and Technology (DSIT) first revealed plans to develop the library, in partnership with the RIO, in July. The initiative builds on the DRCF’s earlier work to make digital regulation more accessible for innovators, including the launch of its AI and Digital Hub pilot in April 2024.
Read the Department for Science, Innovation and Technology’s press notice here.
Note to editors
The Digital Regulation Cooperation Forum (DRCF) was formed in July 2020 and brings together the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), the Information Commissioner’s Office (ICO), and the Office of Communications (Ofcom). Building on the strong working relationships between these four organisations, the DRCF was established to ensure collaboration and cohesion, given the unique challenges posed by regulation of online platforms and digital services. More information at www.drcf.org.uk