The Financial Conduct Authority (FCA) has launched an Innovation Hub, designed to support innovators in the financial services industry.

The move, part of the regulator’s Project Innovate, aims to foster competition and growth in the sector, by supporting both small and large businesses which are developing products that could genuinely improve services for customers.

The hub will provide direct support from a team of dedicated FCA staff to both regulated and non-regulated innovators. In order to receive assistance from the FCA, companies will need to show that their innovation could bring benefits to the end consumer – either an individual or business.

Participating firms will have access to a FCA contact for innovation-related queries and guidance, help to understand the FS regulatory framework, and an indication of areas where the regulatory regime needs to adapt to facilitate innovation.

“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,” said FCA chief executive, Martin Wheatley.

“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.”

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