The Financial Conduct Authority’s (FCA) Innovation Hub, part of Project Innovate, is now open and offering support to innovators.
Project Innovate has been developed by the FCA to foster competition and growth in financial services by supporting both small and large businesses that are developing products that could genuinely improve services for consumers.
The FCA’s chief executive, Martin Wheatley, will mark the opening of the Innovation Hub in a speech at Financial News’ Fintech Conference in London later today.
“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 Innovation Hub will provide businesses who qualify with access to the following services:
The full criteria that will be used to assess requests for support is available on the FCA website.
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