FCA Ditches Separate Logins as My FCA Takes Over Everything

The Financial Conduct Authority killed direct access to Connect and Online Invoicing systems yesterday. All firm interactions now flow through My FCA’s single platform, cutting out the hassle of juggling multiple logins and passwords that plagued users for years.

Firms don’t need to do anything right now. Old bookmarks and links for RegData, Connect, and Online Invoicing automatically bounce users to My FCA instead. The regulator wants everything in one spot, making it easier for firms to handle their regulatory stuff without clicking through different portals. Jessica Rusu, the FCA’s chief data boss, said the move delivers on promises to be “smarter and more efficient.” She’s been pushing these changes since taking the role last year.

Pretty much overnight, the system changed.

One Year Later, Platform Proves Its Worth

My FCA launched in March 2024 and it’s become essential for most firms. User feedback has been solid, with companies saying the platform cuts down on administrative headaches. The system handles everything from compliance reporting to invoice payments, stuff that used to require separate logins and different interfaces.

But there’s more to the story. Firms initially worried about another digital overhaul, especially smaller operations that struggled with tech transitions before. The FCA heard these concerns and worked to make the switch as painless as possible. Automatic redirects mean nobody gets locked out of critical systems during the transition period.

Rusu thinks the consolidation represents something bigger than just technical upgrades. “We’re using firm feedback to create a more streamlined regulatory experience,” she said in a recent statement. The FCA collected input from hundreds of companies during My FCA’s development, tweaking features based on real-world usage patterns.

What Firms Actually Think

The response from financial companies has been mixed but mostly positive. Larger firms with dedicated compliance teams adapted quickly to the unified platform. Smaller operations took longer to adjust, though most report smoother operations now that everything runs through one system.

Some firms still complain about specific features. The invoice processing module occasionally glitches during peak usage periods, according to multiple sources who didn’t want their names used. The FCA acknowledges these issues but hasn’t provided concrete timelines for fixes. This development aligns with FCA Launches Review of UK Investment, highlighting broader market trends.

And there’s the broader question of data security. Consolidating everything into My FCA creates a single point of failure that worries some compliance officers. The FCA says it’s invested heavily in cybersecurity measures, but details remain murky for obvious reasons.

One compliance director at a mid-sized investment firm said the change “basically forced everyone to learn new workflows.” His team spent weeks updating internal procedures to match My FCA’s interface. “It’s better now, but the transition wasn’t exactly smooth,” he added.

The platform handles around 50,000 user sessions daily, according to FCA data. Peak usage hits during quarterly reporting periods when firms submit required documentation. System performance has improved since early 2024, though some users still report slow loading times during busy periods.

Rusu’s team continues tweaking My FCA based on ongoing feedback. The FCA runs monthly user surveys and hosts quarterly feedback sessions with major firms. These sessions help identify pain points and prioritize new features, though the regulator doesn’t share specifics about upcoming changes.

The consolidation fits into the FCA’s broader digital transformation strategy. The regulator wants to cut processing times for applications and reduce back-and-forth communication with firms. My FCA represents the first major step in this direction, but it won’t be the last.

Other regulatory bodies are watching the FCA’s approach closely. The Prudential Regulation Authority and HM Revenue & Customs have both expressed interest in similar platform consolidations. Success at the FCA could trigger wider changes across UK financial regulation. Market participants tracking FCA Hits Dinosaur Merchant Bank with will find additional context here.

What Comes Next

The FCA hasn’t announced specific plans for My FCA’s next phase. Rusu’s team is probably working on additional features, but the regulator keeps development plans under wraps until they’re ready to launch.

Firms should expect more changes in the coming months. The FCA typically rolls out updates quarterly, usually adding new functionality or streamlining existing processes. Past updates have included mobile-friendly interfaces and improved search capabilities.

The regulator spent roughly £15 million developing My FCA over two years. That investment is paying off through reduced support costs and faster processing times for routine tasks. Internal FCA metrics show a 30% reduction in help desk tickets since the platform launched.