- Are you doing something that is within our remit?
- Will your customers be in the UK?
- Your proposal is intended for the UK market and customers.
- The relevant activity is regulated by us or may be used by firms we regulate.
- Your innovation doesn’t appear to be intended for use in the UK.
- Are you doing something that’s ground-breaking or significantly different? This could be something completely new, or it could be a new market or a new version of an existing model.
- Desk research produces few or no comparable examples of innovation in the market.
- Your proposal is a novel way of providing an existing service – for example, a digitised version of an older model.
- You are offering a model we wish to encourage, such as automated advice for lower-income consumers.
- There are numerous examples of similar offerings already on the market.
- Your proposal appears to be only superficially different from existing services.
- How does your proposal help consumers (either individuals or businesses)?
- How is it an improvement on existing services?
- How will you protect consumers from any risks your model poses?
- Your business will provide services cheaper, quicker, more securely, higher quality or more reliably.
- You’ve thought about your target market, identified risks and have thought about how to protect consumers
- Your proposal will promote competition – for example, by making it easier to enter the market, or making it easier to comply with our rules.
- Your business model promotes diversity and inclusion - for example, targeting underserved or unserved consumers
- Your proposal has a potential detrimental impact on consumers, markets or the financial system.
- Your proposal is more expensive than existing services, is slower, and has no corresponding benefits that make up for this.
- Your proposal looks designed to circumvent FCA rules.
- Have you thought about how your proposition works with our rules?
- Have you carried out any background research into the regulations that might apply to your business?
- Can you explain how your business will work?
- Do you have a clearly defined issue we can help you resolve?
- Your business can be clearly and coherently described, including how it works, how it makes money, and what your market will be.
- You have made a good faith effort to research and understand how our rules apply to your model.
- You have a specific issue you are seeking our help with.
- Your proposal is not clearly defined.
- You have made no effort to undertake background research or understand our rules
|Need for innovation support
- Do you have a genuine need for regulatory support through the Innovation Pathways?
- The innovative nature of your business means that it may be unclear how our rules apply to your firm – for example, whether you need to be authorised or what kind of authorisation is needed.
- Your business has no alternative means of engaging with the FCA
- Your innovation does not easily fit the existing regulatory framework
- Your question is one that your existing FCA Supervisor (if you have one) can’t answer.
- You have a vague or broad question (for example ‘please help me identify all the rules I need to comply with’).
- You are asking us to endorse or to promote your business.
- Your queries would be more suitable for a compliance consultant – for example, ‘can you help me draft my compliance manual’.