The UK’s Financial Conduct Authority hired more than 150 people into its Data, Technology and Innovation division in the past year as the regulator looks to ramp up its tech capabilities.
The hires are part of FCA’s attempts to use new analytical techniques to act more quickly and prevent investment fraud, according to a statement by the regulator.
The watchdog is “putting in place a variety of new tools, teams and standards so we can be more assertive and find and stop harm faster,” said Jessica Rusu, the FCA’s chief data, information and intelligence officer.
The FCA said in 2021 that it would invest £120 million ($150 million) over three years to improve its data collection and analysis.
Unveiling its business plan for the next 12 months, the FCA said in a statement that it would increase its resources to meet the needs of consumers struggling with rising costs. The regulator said it reminded 3,500 lenders last year of how they should be supporting borrowers facing financial difficulty.
Separately, in recognition of the cost pressures many businesses are under, FCA also said it’s proposing to freeze application fees that affect more than 17,000 FCA-regulated firms.
Photograph: Skyscrapers and commercial buildings on the skyline of the City of London, UK, on Monday, March 6, 2023. Photo credit: Jason Alden/Bloomberg
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