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FCA partners with Australian financial regulator to back innovation

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The FCA has signed a deal to ease access for innovative British businesses to Australia, while also boosting return traffic.

The partnership with the Australian Securities and Investments Commission means the regulators will collaborate where financial services business wish to expand into either market.

It comes after the FCA and ASIC set up innovation hubs in October 2014 and April 2015, respectively, to boost engagement.

To qualify for support, businesses will first need to meet eligibility criteria at their home regulator’s hub before they can then be referred.

They will then have access to a dedicated team or contact person to help them understand the regulations of their target market.

FCA director of competition Christopher Woolard says: “Innovation in financial services isn’t limited by national borders and so it’s important that we support overseas businesses that have new ideas that could benefit British consumers.

“We also know that many British firms wish to use the UK as a springboard to launch their businesses or products internationally, making them potentially more sustainable challengers. That is why this agreement – the first of many, we hope – is important.”

To date the FCA’s Innovation Hub has supported over 200 businesses and the authorisation of 18 businesses, while the Australian regulator has dealt with over 75 start-ups, granting 10 licences.

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