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FCA Publishes TechSprint Report
The National Law Review | March 6, 2020
On March 3, the UK’s Financial Conduct Authority (FCA) published a report entitled, “Fostering innovation through collaboration: The evolution of the FCA TechSprint Approach” (the Report).
In the Report, the FCA explained that since April 2016 they have been holding TechSprints, which are also known as “Hackathons,” which involve bringing together computer programmers, interface designers and other experts to collaborate intensively over a short period of time on a software project. The purpose of this is to take advantage of the FCA’s “convening powers,” both as a regulator and RegTech thought leader.
See:
FCA Report (Feb 2020): Sector Views – Key Areas of Harm Identified
UK: Open Finance: The FCA Consults On How To Transform The Financial Services Market
The seven TechSprints held so far ranged in size (from 40 to 200 participants), location (the most recent TechSprint was held in London and Washington DC, in parallel) and subject matter but were consistent in their application of the following “working principles”:
- The solution or approach should enhance a firm’s regulatory compliance outcomes or promote enhanced outcomes for consumers;
- The initiative is led by industry and characterized by multi-firm collaboration and participation;
- The solution is developed in an open and transparent manner;
- The initiative is made public, ensuring that other participants with genuine interest and contributions to make can be involved;
- The FCA can participate in the discussion but are not being asked to endorse the solutions developed; and
- Experimentation and the learnings this provides are of value and should be facilitated where possible.
Continue to the full article --> here
Download the PDF (34 pages): Evolution of FCA TechSprint Approach Report -> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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