Bob Blackman, Conservative MP and co-chairman of the APPG, stated that the FCA's technology-enabled transformation program has failed to address the organization's long-standing issues, expressing concern over the lack of effective change and transparency in the regulator's operations. Witnesses provided consistent testimonies highlighting a pervasive lack of confidence in the program, suggesting that the regulator has not managed to adapt its strategies to meet the current technological demands and user needs.
An anonymous employee from the FCA pointed out that crucial technology projects, namely the data storage initiative based on SharePoint and the case management system Intact, were executed without adequate business analysis. This oversight indicates a disconnect within the organization, as it attempts to transition to a 'Data Hub,' which seems out of alignment with its technological culture and practices. There are significant concerns regarding the costs and management of existing contracts, particularly those involving Fujitsu.
The APPG report underscored that the FCA's attempts to rebrand itself as a 'Data Hub' contradict its established organizational culture, which has previously struggled with technological adoption and change. This cultural mismatch, coupled with the FCA's limited success in its transformation efforts, raises questions about the regulator's ability to effectively oversee and support emerging technologies in the financial sector.
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