The Government yesterday announced plans to partner with the Digital Regulation Cooperation Forum to support the development of new tools to help innovators navigate the regulatory landscape.
The Regulatory Innovation Office will work with the DRCF to support the creation of a unified digital library, providing “one-stop” access to digital policy and regulation for innovators – helping to free up businesses to focus on growth and innovation.
Kate Jones, DRCF Chief Executive Officer, said: “The Digital Regulation Cooperation Forum is committed to breaking down barriers for innovators by making digital regulation simpler to find, understand and navigate. Our member regulators – Ofcom, the Competition and Markets Authority, the Information Commissioner’s Office, and the Financial Conduct Authority – are working together in support of their common vision: that regulation should enable responsible innovation.
“This new user-friendly tool will help businesses and investors to find and understand digital regulation more easily and quickly. We’re pleased to be working with the Regulatory Innovation Office on this, supporting the Government’s AI Opportunities Action Plan.”
Nathalie Lowe, DRCF Director of Projects, said: “The UK is a leading FinTech hub, and we know that when fintechs can understand rules quickly, and with confidence, they can focus on building, scaling and delivering value. By making regulatory support more accessible and easier to use, we’re helping to ensure the UK remains the best place to build the future of financial technology.”
Peter Kyle, Science and Technology Secretary, said: “The UK is a genuine world leader in both financial services and technology, and in the intersection between the two – fintech – but for far too many companies, the labyrinth of regulatory hurdles is holding them back from bringing innovative products to market.
“Our Regulatory Innovation Office will work to remove those hurdles, to help innovators unlock new products that could drive economic growth – delivering on our Plan for Change.”
The initiative marks the next phase of the DRCF’s work to make digital regulation more accessible for innovators.
Last April, the DRCF launched a 12-month AI and Digital Hub pilot, allowing innovators to receive free and informal advice on cross-regulatory queries from its four member regulators in one place. A series of case studies summarising some of the advice given is available here.
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