The Financial Conduct Authority (FCA) has officially opened its Innovation Hub, which will give ongoing support to businesses looking to introduce new products and services to the financial services industry.
The hub is part of Project Innovate, which has been developed by the FCA to foster competition and growth in financial services. Project Innovate supports both small and large businesses that are developing products that could genuinely improve services for consumers.
FCA chief executive Martin Wheatley said: “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 direct support from a team of dedicated FCA staff to both regulated and non-regulated innovators. In order to receive support from the FCA, businesses will need to show that their innovation could bring benefits to the end consumer, either an individual or business.
The full criteria that will be used to assess requests for support is available on the FCA website at www.fca.org.uk/project-innovate