FCA Report Presents Key Lessons Learned from TechSprint
FCA published a report that explores the lessons learned from hosting of seven TechSprints across a range of subjects. The report also provides an evaluation of the TechSprint model and notes the areas in which FCA is working to further develop and improve the approach in the context of wider efforts to foster sustainable and desirable innovation in financial markets. Through case studies, the report illustrates key lessons learned and offers additional information and insights to help others that are thinking of adopting a similar approach.
In the spirit of collaboration, FCA is sharing its TechSprint insights, lessons learned, and best practices to support regulatory peers to undertake effective collaborative ideation and innovation efforts in their markets. The report covers all aspects of the FCA approach, including the types of problems a TechSprint can help to solve; key elements of hosting a TechSprint from participants, team structure, and event planning to technology, data, and communications; and ongoing challenges and efforts to progress the solutions that emerge from a TechSprint from Proof of Concept to Proof of Value. FCA believes that TechSprints are a successful tool, if used correctly, and can bring about rapid change by galvanizing cross-industry efforts. The report highlights that no fixed formula or blueprint can be applied and certain key components, when executed well, do deliver great results. The report highlights the following key TechSprint outcomes:
- Profound and rapid learning happens for regulators, firms, and others, on the application and impact of emerging technology.
- Signals regulatory interest on an issue requiring industry-wide collaboration to progress.
- The scale of the event impacts beyond the TechSprint, resulting in increased regulatory, academic, and market focus on a technology or issue.
- New partnerships and relationships are forged and powerful networks built across jurisdictions.
- The power of time-bound experimentation results in rapid development of prototype solutions. In time, these can be scaled and impact the market.
The report notes that FCA will continue to work toward providing ongoing support and tools to allow TechSprint solutions to move from ideation to production. FCA will continue to evangelize innovation as a potential solution to some of the most difficult and complex challenges facing the global financial industry and wider society. TechSprints are typically two-day events that bring together participants from across and outside of financial services to develop technology based ideas or proof of concepts to address specific industry challenges.
Related Links
Keywords: Europe, UK, Banking, Securities, Pensions, Fintech, Regtech, TechSprint, Financial Innovation, Reporting, FCA
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Related Articles
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
APRA Reduces Committed Liquidity Facility, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
EBA Updates Standards for 2023 Benchmarking of Internal Approaches
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
EIOPA Responds to Stakeholder Views on Blockchain in Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.