The regulator’s new chief data officer has hinted at the impact of the watchdog's much vaunted plans - and the wave of change they will mean - in a speech at the CEO Exchange for Financial Services this week.

Jessica Rusu, chief data information and intelligence office at the FCA, said becoming data-led will lead to “profound changes” in the way the regulator works.

She added that the FCA is “making a huge investment” in the way it collects data, uses it and the way it turns it into interventions at scale.

The regulator is soon to release a new data strategy.

Ms Rusu said: “We know that an innovative industry demands an innovative regulator not just keeping pace but leading the way. And building on our recent successes, we’re determined to maintain our position on the cutting edge.

“With the people, resources and systems we need to make the most of our intelligence; with a commitment to creativity and inventiveness; and with a determination to work in partnership: we can not only protect but also advance the interests of consumers.

“Because data does not just give us the means to understand the world – but the tools to improve it.”

The FCA currently has around 100bn pieces of data, which is constantly growing.

Ms Rusu said the regulator is able to use this data to identify financial advisers “most likely to give poor advice by tracking the outcomes from previous supervisory activity”.

She added that the regulator is building a digital unified intelligence environment to make it better equipped to anticipate harm and protect consumers.

Ms Rusu joined the regulator as its first chief data officer in February.

She was formerly chief data officer at digital challenger bank Chetwood Financial. She was also formerly senior director of finance and analytics at eBay in Europe.