The FCA has launched an “innovation hub” which aims to support firms developing new products as part of Project Innovate.
Project Innovate is an initiative by the FCA to help start-ups and established businesses launch innovative ideas.
The innovation hub will provide support from a team of dedicated FCA staff to both regulated and non-regulated firms. In order to receive support, businesses will need to show their development could bring benefits to the end consumer, either an individual or business.
FCA chief executive Martin Wheatley said the hub “levels the playing field” and will allow firms to develop new products.
He says: “The innovation hub is part of our commitment to support innovation by opening doors to those – regulated and not – who come with fresh ideas about how to deliver financial services.
“This work levels the playing field by giving all firms eager to innovate access to our expertise so that the process of joining the financial markets or introducing new products does not seem so daunting.”
The innovation hub will provide qualifying businesses with access to a dedicated contact for queries, continued support for up to a year after authorisation and help to understand the regulatory framework and how it applies.