We are a member of the Digital Regulation Cooperation Forum (DRCF) to support regulatory cooperation and coordination in digital markets.
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The DRCF was launched in July 2020 as a voluntary forum and aims to support cooperation between its four members:
- the Office of Communications (Ofcom)
- the Competition Markets Authority (CMA)
- the Information Commissioner's Office (ICO)
- the Financial Conduct Authority (FCA)
We joined the forum as a full member in April 2021, having previously been an observer member.
Objectives of the DRCF
The forum has six objectives as set out in its launch document:
- collaborate to advance a coherent regulatory approach
- inform regulatory policy making
- enhance regulatory developments
- anticipate future developments
- promote innovation
- strengthen international engagement
Digital innovation creates both challenges and opportunities to regulators. It is becoming increasingly central to how many financial services markets operate, and we are seeing greater use of digital channels to serve customers.
We have seen both the potential benefits and risks of increased digitalisation, so we have an important contribution to make to the work of the DRCF by considering digital markets from a competition, consumer, and market integrity perspective.
By bringing us together and building on existing working relationships with the other member regulators, we can be more aware of the interactions across our work and create a more coordinated regulatory approach.
This will help to deliver trustworthy innovation for consumers and markets, pro-actively address risks and increase the global impact and position of the UK.
The DRCF is led by Gill Whitehead, the DRCF's Chief Executive. The CEOs of the four regulators meet quarterly with Gill to discuss progress against the workplan and oversee the forum's priorities.
DRCF publishes second year workplan
The Digital Regulation Cooperation Forum (DRCF) has published a press release announcing it's workplan for 2022/23. This sets out an ambitious programme of work for the DRCF’s second year, including projects that will help tackle some of our biggest digital challenges. These include:
- Protecting children online
- Promoting competition and privacy in online advertising
- Supporting improvements in algorithmic transparency
- Enabling innovation in the industries we regulate
The DRCF’s letter to the DCMS Secretary of State, details their response to the government’s priorities for the digital regulatory landscape and cross-cutting policy areas.
As set out in our 2022/23 Business Plan, we want to see the development of digital markets and the use of new technologies in financial products and services leading to fair value for consumers. Our engagement and collaboration with other regulators, including as a member of the DRCF, on digital markets issues and other online regulatory matters will enable us to better recognise and reduce harm.
The DRCF has published two Discussion Papers on algorithms that it welcomes views on:
- The benefits and harms of algorithms: a shared perspective from the four digital regulators
- Auditing algorithms: the existing landscape, role of regulators and future outlook
Feedback closed on 8 June 2022. Findings from the report will be published later this year.
The DRCF has also published its 2021/22 Annual Report that sets out its first year achievements.
For more information on our work in this area please contact us at [email protected].