Digital Innovation Policy Committee

Industry challenge

Financial services in the UK has been slow to adopt technology advances versus other sectors. The pandemic has accelerated the digitalisation of financial services and, with our cross-sector presence, digital expertise and leadership in Open Finance, TISA is uniquely placed to catalyse and support the industry in its move beyond the ‘New Normal’.

Group purpose

The Digital Innovation Policy Committee is a strategic policy committee of senior executives involved in examining the digitalisation of UK financial services from TISA member firms. The committee identifies, prioritises and oversees TISA’s digital projects.

Areas of focus

• Delivery of a Digital Identity and Champion of open and interoperable standards that are governed by an industry led, independently run body

• TISA continues to participate in the Government’s Smart Data Council – to help steer ongoing evolution of Smart Data policy development. A Government Smart Data Roadmap publication will be imminently released, setting out the Government’s vision for Smart Data and its upcoming milestones. TISA continues to feed into the two sub-groups: Technical Infrastructure sub-group and Trust, Compliance and Consumer Protection sub-group.

• Discussion initiated with members on the potential role TISA should play in corralling industry around tokenisation of funds initiative.

• Future policy development in relation to Open Finance commenced with the DIPC.

• TISA has now joined the FCA’s Open Banking Future Design Entity sub-group focused on what capabilities the new entity should have (in light of TISA’s Open Finance insights).

• TISA is currently making DIPC more policy-focused with more active engagement of members. We are in the process of socialising the opportunity to become more involved in this line of policy activity. Focus areas being investigated and researched include: Smart Data & Open Finance policy, future regulation of AI (pertaining to financial services), regulation of crypto assets.

A J Bell Securities Limited
Acuant
Aegon UK PLC
Altus
Arissian Ltd
Ashurst Risk Advisory LLP
Bank of Ireland
Baringa Partners LLP
Blackrock Investment Management (UK) Limited
BNY
BNY Pershing
Bravura Solutions
Criterion Tec Limited
Delta Financial Systems
Digital Moneybox Ltd
DLT Apps Ltd
Dynamic Planner
Euroclear SA/NV
Financial Software
Franklin Templeton
Freetrade Limited
Fund Ourselves

GBST Wealth Management
Hargreaves Lansdown
Hogan Lovells International LLP
HSBC
JP Morgan
L & G plc
Lloyds Banking Group
Model Office
Money & Pensions Service (MAPS)
Monzo Bank Ltd
MorningStar
Nucleus Financial Group Limited
Pinsent Masons LLP
Platforum
RBC Brewin Dolphin
Redington
Seven Investment Management
SS&C
St James’s Place 
The Investment Association
TrinityBridge
Wellhouse Consulting

Phil Turnpenny, Policy Executive leads on this work

Chair: Helen Oxley, SS&C