Great news: the Financial Conduct Authority is continuing its efforts to support innovation in financial services, and is offering both entrepreneurs and innovative firms the chance to sense-check its approach.
Following the session with the Finance Innovation Lab in May and its June announcement of Project Innovate, the FCA has just issued a mercifully short consultation paper on its plans and arranged a series of summer workshops on:
- how entrepreneurs can get authorised more efficiently;
- figuring out how non-regulated businesses can engage with the FCA in an Innovation Hub to help them collaborate with regulated businesses while avoiding the need for regulation; and
- how regulated firms could engage with innovative firms and the FCA via the Innovation Hub.
Specific questions on which the FCA also welcomes your answers before 5 September are:
1. Is there anything about the regulatory system that poses particular difficulties for innovator businesses?This is a fabulous opportunity for everyone in the UK's FinTech sector to help the FCA improve its authorisation and guidance processes to support new businesses, so please get involved.
2. What practical assistance do you think the Incubator could usefully provide to small innovator firms?
3. Do you think it would be useful to establish an Innovation Hub function?
4. What criteria should we use in order to focus our resources on ‘genuine, ground-breaking’ innovation?
5. Do you have any other feedback or suggestions about Project Innovate?