Digital Innovation Policy Committee

Securing the digitisation of UK financial services to the benefit of UK consumers, the FinTech economy and the wider UK economy

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.
  • Attended FCA meeting on AI live testing to discuss engagement paper, responded to FCA’s AI testing engagement paper
  • Responded to the Treasury Select Committee’s Call for Evidence on AI in Financial Services
  • Launched new Digital Innovation themed training workshops on AI and Sandbox

 

Group strategy

Goal/s:  The DIPC aims to bring together senior executives across the TISA membership who are key industry players in the digitisation of UK financial services with the aim of working together to develop / support a range of industry strategic policies and initiatives.

Strategy:  1) Engagement with TISA members to implement the digital initiatives proposals; 2) Review and prioritise new potential projects ; 3) Share updates on the digitization of financial services

Participating member firms

A J Bell Securities Limited
Aegon UK PLC
Altus
Bank of Ireland
Baringa Partners LLP
Blackrock Investment Management (UK) Limited
BNY Pershing
Burges Salmon
Coutts & Co
Criterion Tec Limited
Delta Financial Systems
Digital Moneybox Ltd
DLT Apps Ltd
Dynamic Planner
Euroclear SA/NV
EV
Euroclear SA/NV
Fidelity International
Financial Software
Foresters Life
Freetrade Limited
GBST Wealth Management


GoHenry Limited
Hargreaves Lansdown
HSBC
Interactive Brokers (U.K.) Limited
Interactive Investor
James Hambro & Partners LLP
JP Morgan
L & G plc
LexisNexis Risk Solutions
Life Moments
Monzo Bank Ltd
MorningStar
NEST Corporation
Pelicam Limited
Pinsent Masons LLP
Seven Investment Management
SS&C
St James’s Place 
The Tracing Group
TrinityBridge
Upvest Securities Ltd
WEALTH at work

Phil Turnpenny, Policy Executive leads on this work

Chair: Kerry Berchem, Burges Salmon

If you are a TISA member who would like to get involved with this work, please get in touch

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FIND OUT MORE ABOUT OUR DIGITAL PROJECTS TODAY

TISA’s Open Savings, Investments & Pensions (OSIP) project
A common set of open standards and APIs to allow customers to share their financial data between firms.

TISA’s federated Digital ID project 
Enabling easy access to all digital services by creating a single, reusable, secure ID owned and controlled by the consumer.

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