We are a member of the Digital Regulation Cooperation Forum (DRCF) to support regulatory cooperation and coordination in digital markets.
The DRCF was launched in July 2020 as a voluntary forum and aims to support cooperation between its 4 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.
The objectives of the DRCF
The forum has 6 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 4 regulators meet quarterly with Gill to discuss progress against the workplan and oversee the forum's priorities.
The DRCF Workplan
In March 2021, the DRCF published its workplan, identifying 3 priority areas for the 2021/2022 year:
- joint work to respond strategically to industry and technological developments
- joined-up regulatory approaches
- building skills and capabilities
The workplan also aims to provide clarity for stakeholders through 'collective engagement', by working on planned joint public documents and using this work to strengthen domestic and international best practice.
For more information on our work in this area please contact us at [email protected].