Regulations
By Maheen Hernandez
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Smallest Fee Hike Since 2017. The FCA plans to raise fees by just 1% next year, the tiniest increase since 2017/18.
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Industry Watches and Waits. Financial firms are cautiously optimistic about the changes.
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The Financial Conduct Authority just dropped its biggest tech upgrade in years. The regulator wants to use artificial intelligence to make authorizations way faster, cutting…
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The FCA's new AI system gets built in-house and plugs straight into their current setup. It's part of a massive push to become more data-driven, basically overhauling how they…
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Fees barely budge despite the investment.
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The FCA plans to raise fees by just 1% next year, the tiniest increase since 2017/18. That's pretty remarkable considering they're pumping serious cash into AI and data analytics.
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Most regulators would jack up fees to pay for fancy new tech. But the FCA seems determined to prove you can modernize without bleeding companies dry.
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Sources close to the regulator say the AI rollout happens in stages, though specific timelines remain murky.
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Financial firms are cautiously optimistic about the changes. Many have complained for years about slow authorization processes that can drag on for months.
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The technology push comes as other regulators worldwide grapple with similar challenges. Complex financial products and services keep evolving faster than traditional oversight…
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But some industry insiders wonder if the AI system can really handle the nuanced decisions that human reviewers make.
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Rathi emphasized that smarter regulation means helping consumers while keeping the UK competitive.
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The FCA's annual work program for 2026/27 outlines how these tech upgrades fit into broader modernization efforts.
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Implementation details remain scarce, but the FCA promises more information in coming months.
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The regulator's commitment to low fee increases while investing heavily in technology sends a clear message.
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