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FCA launches Project Innovate hub to support firms

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 that their development could bring benefits to the end consumer, either an individual or business.

FCA chief executive Martin Wheatley will mark the opening of the innovation hub in a speech at Financial News’ Fintech conference in London later today.

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.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. OK leaving the expense of this to one side for a moment !

    The first thing that hits me right between the eyes is; it really demonstrates that if the FCA think that firms and individuals need support in circumnavigating the rules and regulatory procedures, does it not blatantly show them that its all to complicated and unworkable ? and its compounded by the fact they feel they (FCA) need to set up a dedicated team (innovate hub) to combat this !!

    Regulation at the moment is like giving pre school children a rubicks cube !

    OK, back to the money side would it not be more cost effective and productive to burn the 8ft tall rulebook and return to some kind of common sense ?

  2. @DH – agreed. I’d also like to know why a regulator that is funded by the regulated is using our money to help non-regulated companies?

    Stop spending our money how ever you see fit and start justifying it!

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