The FCA has opened its Innovation Hub as part of Project Innovate. Project Innovate is aimed at supporting innovators to foster competition and growth of both large and small businesses, which offer an innovative product or service to consumers. The Innovation Hub will consist of a team of dedicated FCA staff who will offer direct support to both regulated and non-regulated businesses who can show that their innovation can bring benefits to the end consumer. The Innovation Hub will offer qualifying businesses with access to the following services:
- a dedicated contact for innovation-related queries, including provision of individual guidance and informal steers, as appropriate;
- continuous additional support for up to a year after authorisation (for those firms who have been supported through the authorisation process);
- help with understanding the regulatory framework and how it applies;
- identification of areas where the regulatory regime needs to adapt to facilitate innovation; and
- use of FCA’s expertise gained through its work with firms to inform future policy development in a way that supports innovation
Project Innovate and the Innovation Hub are part of the FCAs continuous support of innovation of the financial services industry. In order to see if your business/service qualifies for the FCA’s Innovation Hub please follow this link.
Should you require any further advice or information on the above, Cleveland & Co, your external in-house counsel, are here to help.