On 23 June 2022, the FCA published its data strategy update 2022.
The FCA sets out where it has made progress and where it has more to do following the publication in January 2020 of its vision for the use of data and analytics.
In terms of progress, the FCA reports that, among other things, it has introduced analytical tools to help spot and intervene when it sees consumer harm. It is also using advanced analytics and new sources of data to identify high-risk financial adverts. The regulator has also developed and implemented sanctions screening tools to support the monitoring of the effectiveness of a firm’s controls in identifying organisations or individuals that have been sanctioned.
The FCA also states that it will:
- Improve its case management and triage processes, extending Single View to all financial services sectors (pensions, retail, wholesale, credit etc), sourcing new data and delivering data literacy training to all employees.
- Continue to collaborate with the Bank of England and industry to standardise how information is reported to it and demonstrate how it can use new technology to reduce the cost of reporting with a commitment to deliver these initiatives in 2023.
- Make greater use of information online, including social media, to adapt to a changing world, where financial promotions are as likely to take the form of an influencer’s post as an advert in a newspaper.