TISA comments on DCMS Digital identity and attributes consultation
Commenting on the DCMS Digital identity and attributes consultation, Harry Weber-Brown, Digital Innovation Director at TISA, said:
“TISA welcomes the opportunity to respond to the Department for Digital, Culture, Media & Sport’s Digital Identity and Attributes Consultation. TISA recognises the importance of Digital ID in allowing UK consumers to easily access new and existing digital financial services. This is a critical building block that enables firms to transform existing services by creating a single, reusable, secure ID for individuals. The adoption of Digital Identities enhances engagement between consumers and their finances and will help grow innovative FinTech services and the wider digital economy. Full adoption will, we believe, be a major step towards building a world class digital economy in the UK.
“TISA is now delivering a Live Pilot phase of testing for our digital ID scheme. Our Project Team is taking consumers through the live onboarding process to Identity Providers using the IDP selector and related infrastructure to ensure the efficient design of the live service. For TISA, Digital ID is a key element of the country’s digital infrastructure, and we look forward to working with DCMS, the FCA and the Government to move this vital project forward.”
For more information:
Kuba Stawiski
Cicero/AMO
07856031906
kuba.stawiski@cicero-group.com
Notes for Editors
The Investing and Saving Alliance (TISA) is a unique, rapidly growing membership organisation for UK financial services.
Our ambition is to improve the financial wellbeing of all UK consumers. We do this by focusing the convening the power of our broad industry membership base around the key issues to deliver practical solutionsand devise innovative, evidence-based strategic proposals for government, policy makers and regulators that address major consumer issues.
TISA membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
As consumers, the financial services industry and the economy react to and recover from the effects of the pandemic, the importance of the three key pillars of work that TISA prioritises has never been more apparent:
Strategic policy initiatives that influence policymakers regarding the financial wellbeing of UK consumers & thereby enhancing the environment within which the industry operates in the key areas of consumer guidance, retirement planning, later lifetime lending, vulnerable customers, financial education, savings and investments.
TISA is recognised for the expert technical support provided to members on a range of operational and regulatory issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations covering MiFID II, CASS, ESG/RSI, operational resilience, Cyber Risk, SM&CR and a range of other areas.
Digital transformation initiatives that are driving ground-breaking innovation and the development of industry infrastructure for greater operational effectiveness and revenue promoting opportunity for firms. TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives – TISAtech (a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation) and TURN (TISA Universal Reporting Network – a digital platform providing a secure data exchange for financial services using blockchain technology) – alongside projects Digital ID and Open Savings & Investment. This reflects TISA’s commitment to open standards and independent governance.