Tuesday, 28 October 2014

FCA #Innovation Hub

The FCA has launched an Innovation Hub as part of its plans to support innovation in financial services.

Innovators can submit a request for support from the Innovation Hub, which the FCA will assess against certain criteria and then decide on the type of support it might be able to offer. The assessment criteria are:
  • whether the innovation is genuine - ground-breaking or significantly different;

  • whether the innovation offers a good prospect of identifiable benefit to consumers (either directly or through greater competition);

  • whether the business has invested appropriate resources in understanding the regulations in relation to its own position;

  • whether the business have a genuine need for support through the Innovation Hub?

In addition, the FCA has published a Feedback Statement, responding to input received as part of Project Innovate.

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