In May 2023, we hosted our Register Data TechSprint working collaboratively with industry participants to better understand how our register data can be structured or utilised to help consumers make more informed financial decisions.
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At the FCA, we publish more than 50 million data items through the Financial Services Register which displays details around firms and individuals, including whether they are Authorised or Registered, their firm details, addresses, permissions, and individual functions. This data serves a variety of purposes.
From a consumer perspective, it helps identify a firm’s Authorised status and therefore meets the FCA’s threshold conditions. It also helps FCA Authorised firms confirm that their details held and published by the FCA are accurate.
Firms can also use it to check that other firms they may work with are suitably authorised, this further reduces the potential for consumer harm. We would like to improve the outreach and effective use of this data with a wider audience.
Given our mandate to enhance market integrity, make markets work well and protect consumers, we constantly strive to improve transparency, aid consumers and firms in decision-making, and prevent harm. This is even more pronounced given the current concerns around:
- Cost of living, creating increased pressure of consumer decision making, including consumers reviewing existing products, seeking financial advice, and changing providers;
- Fraud and consumer harm, amplifying the need to identify and flag unapproved businesses and products;
- The growing hype and misinformation around investments and financial offerings through online platforms, increases the importance of accurate data.
Over a 3-day period, our TechSprint teams explored technological solutions across three problem statements:
Our Financial Services Register Product Team are committed to the development of the FS Register and using the innovative thinking to help agree the Register product roadmap with the organisation.
The internal teams are working together to define what and how we maintain the momentum with the community convened on this topic.