We attended the FCA's RegTech Forum—Supporting Innovation and Growth on 30 April 2025. The event brought together industry leaders, innovators, and policymakers to explore the evolving role of regulatory technology (RegTech) in financial services. It was an excellent opportunity to listen to leaders and innovators and share what we had learned from participating in a couple of FCA projects.
Ian Phoenix shared the FCA’s innovation agenda
Janine Hirt (Innovate Finance) & Paul Worthington (Stripe) explored RegTech’s potential for UK growth
Colin Payne led a great panel on unlocking RegTech opportunities
Matt Lowe walked us through the FCA’s innovation support (regulatory sandbox, tech sprints, digital sandbox)
Tatiana Botskina of Deriskly and I shared what we learned from the FCA innovation support.
We have completed projects in two sandboxes. Here's what we have learnt during the process.
1) New FCA API to enable digital verification of data ownership; e.g. Companies House and FCA could provide an API for a data subject to share registry data to digitally prove directorships/FCA permissions (reducing impersonation risk)
2) HM Treasury to update AML guidance to recognise that the UK now has a digital ID framework - Digital Identity and Attributes Trust Framework (DIATF), to encourage adoption of digital ID. A statement from HMT or FCA on digital ID from DIATF-certified providers would help to remove cultural barriers to adoption (and move us beyond 'we need a gas bill').
3) Support the path to adoption of digital ID in the National Payments Vision to secure payments; include digital ID data in Faster Payments enhancements to both deliver innovation and prevent APP fraud at the same time (enable digital ID for both parties in a payment). Whilst Faster Payments is in the garage getting an upgraded engine and go-faster stripes, let's also give it the turbo-boost of digital ID!
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