Digital regulators are keen to help innovators navigate regulatory compliance. The DRCF AI and Digital Hub does exactly that: it’s a groundbreaking new initiative that supports businesses by offering free informal advice on how regulation applies to their innovative product or service.
The Hub is a unique service that offers free informal advice across the four DRCF member regulators’ remits[1] via a single portal. It helps bring new products and services to market faster. By this means, DRCF regulators are supporting UK innovation and enabling economic growth.
Recent research from the DRCF into 500 digital and AI start-ups and small businesses underscores how embracing regulatory compliance can drive business innovation and fuel growth. Over eight in ten (82 per cent) business leaders agreed that understanding regulatory guidance helped their businesses innovate and grow responsibly. Additionally, 85 per cent credited regulatory guidance with building trust, managing risks and identifying new opportunities for growth.
These figures highlight an important reality: effective compliance is key to responsible and successful innovation and a driver for long-term success. Innovators that consider compliance early in the journey see tangible benefits. They can avoid costly pitfalls and gain credibility with stakeholders while developing innovative products and services.
As a group of regulators, the DRCF’s aim in launching the game-changing AI and Digital Hub is to help innovators – whether start-ups, small business or larger companies – understand these compliance requirements in a very practical way through one consolidated service.
How do you apply?
The AI and Digital Hub is currently running as a pilot service and so is only open to queries until 28 February 2025. If you have a query for regulators, take advantage of this unique opportunity to gain the clarity and confidence you need to thrive in a fast-changing marketplace.
Apply now via the DRCF website at www.drcf.org.uk/ai-and-digital-hub/
[1] The Hub draws input from CMA, FCA, ICO and Ofcom whose remits cover financial services, data protection, consumer protection, competition and communications.
Kate Jones is CEO of the Digital Regulation Cooperation Forum (DRCF).
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