How the DRCF AI and Digital Hub can support business growth
Read more about an exciting new initiative that will provide regulatory clarity for digital innovators like you.
In the fast-paced world of digital innovation, navigating regulatory requirements is crucial for success. Recognising this, the Digital Regulation Cooperation Forum (DRCF) has launched a new groundbreaking initiative: the AI and Digital Hub. This free service is the first of its kind, offering you the opportunity to seek clarity and support on your cross-regulatory queries to ultimately bring your products and services to market responsibly, faster and with greater confidence.
How does it work?
For the first time, four major UK regulators – the Financial Conduct Authority (‘FCA’), the Competition and Markets Authority (‘CMA’), the Information Commissioner’s Office (‘ICO’), and the Office of Communications (‘Ofcom’) – have joined forces to create a one-stop shop for tailored regulatory advice. Regulators recognise that innovators need efficient and effective regulatory support, but often perceive engaging with regulators as time-consuming. That’s why the Hub has been designed to make this process straightforward and easy.
Innovators can apply by going to the DRCF website and filling out a form describing their product, service or business model and providing details about their regulatory questions. After receiving an application, the Hub team will review, clarify any questions, and come back to innovators with confirmation on whether the Hub will proceed with providing informal advice. You ask the query and we, the regulators, use our legislative and technical expertise to provide the answers you need, allowing you to focus on what you do best: innovating.
Launched on 22 April, the Hub will run for a one-year pilot period ending in March 2025. If you’re interested in working with the Hub, apply sooner rather than later to take full advantage of this offer for support.
Who can use the service?
The Hub will answer cross-regulatory questions from innovators at any stage of planning, designing, or development, making it an invaluable resource for businesses developing innovative products, services, or business models.
The Hub is open to organisations of any size and sector, provided they meet the eligibility criteria:
- Innovation: The product, service, or business model must be innovative.
- AI or Digital: It must use AI or digital technologies.
- Benefit to Consumers or the UK Economy: It should offer consumer benefits or contribute to the growth and competitiveness of the UK.
- Cross-Regulatory Query: The query must fall within the scope of at least two of the four DRCF members’ regulatory remits (CMA, FCA, ICO, Ofcom) and address a specific regulatory challenge.
This opportunity is relevant to any innovation-driven businesses in AI developing technology that needs to be regulation-compliant in a complex and fast evolving area. This groundwork is a vital step in the journey towards commercialisation and growth.
Why should innovators apply?
Innovators can expect several key benefits from the Hub, including:
- Regulatory Clarity: Informal advice on how regulation applies to your innovation.
- Time and Cost Savings: Efficiently address your cross-regulatory query, saving valuable time and money.
- Single Point of Access: Engage with multiple regulators through one streamlined service, via the DRCF website.
- Prompt Responses: Successful applicants will receive a response in eight weeks after acceptance.
If you’re developing an innovative digital or AI product, service, or business model, don’t miss the opportunity to use this invaluable resource. Apply to the Hub today and take the first step toward regulatory clarity and business growth.
