The fast-paced nature of digital services means it is important for DRCF member regulators to consider how to support responsible innovation, whilst also delivering on their respective policy objectives. The Enabling Innovation workstream was set up to enable the member regulators to identify opportunities to work together to support innovators. Having mapped the existing offer to innovators – identifying the capabilities, approaches and duties of each regulator, including the existing services provided by the ICO and FCA – the project team considered how the member regulators could increase their impact and inform each other’s innovation offerings. The DRCF also engaged directly with industry, such as the fintech and videogaming sectors, to hear directly about the regulatory challenges faced by innovative businesses.
These insights informed DRCF efforts to explore a multi-agency advisory service aimed at digital innovators. Funded by a grant from the government’s Regulators’ Pioneer Fund, the project team will research and pilot such a service, in order to understand the issues that are most relevant to digital innovators and the type of service that would best suit their needs. The service will be designed around the views, needs and working practices of innovators across the digital economy. Success will be measured by the accessibility of the pilot service and the impact of our advice on the businesses who use it.