The FCA has launched a new API (Application Programming Interface) to provide better and easier access to its Handbook.
The regulator says the move will support “better, faster compliance decisions” and is part of its aim to be a “smarter regulator.”
The new API should make it easier for users to access and use its rulebook, allowing regulated firms' software systems to access the Handbook database. The FCA Handbook provides the rules, guidance and standards for regulated firms.
The watchdog said that regulated firms have complained that complying with FCA requirements can be a burden, particularly keeping up with frequent rule changes.
The FCA Handbook Application Programming Interface (API) will enable software systems to ‘talk’ to each other and share information.
The move means the Handbook is available in a structured, machine-readable format that firms can access, understand and use more easily, the FCA says.
The new API should offer:
• Real-time rule mapping: The data from the API may help firms map rules to products, activities and customer journeys, making changes easier to see.
• Keeping track of rule changes: Having access to current and future versions of Handbook content may help firms to track, compare and flag rule updates so that they can respond more quickly.
• Better RegTech products: Giving providers reliable Handbook data to build more efficient and consistent compliance tools.
• Supporting AI solutions: Provide up-to-date data to support more useful, accurate and transparent AI tools.
In a blog to users this week, Alex Smith, FCA head of cross-cutting policy & strategy, said the API launch would make regulation easier for firms.
He said: “For many years, firms could only get all this information through websites, monthly downloads and specialist compliance tools. The Handbook API gives them a different way to get what they need. It enables systems to access structured Handbook content directly, making it easier to integrate rules, guidance and updates into the tools they already use.”
He added that the API may particularly appeal to ‘RegTech’ firms, who can use the API to develop tools that manage regulatory obligations more efficiently for their clients.
The website version of the FCA Handbook has also been updated with new functionality, including advanced search capability, new track changes tools and improved context-setting across Handbook content.
• More details on the Handbook API, including how to access it, are on the FCA FAQs.