At the launch of Project Innovate, Martin Wheatley, chief executive of the FCA, said: “A key objective of the programme is to make sure positive developments are supported by the regulatory environment. We want an FCA that creates room for the brightest and most innovative companies to enter the sector.”
He said the FCA wanted to engage directly with stakeholders to foster innovation while ensuring regulatory support, with the ultimate objective of improving the lives of consumers and ensuring regulatory support for technological developments.
The regulator announced it would use a two-pronged approach to help support industry innovation. It has proposed setting up an incubator to help businesses through the authorisation process, and an innovation hub to provide “dedicated” contact for firms authorised with the help of the incubator.
The initiative will help businesses of all sizes bring innovation to the market while also helping them cope with the changing demands of regulation. Innovator applicants will be given more support when getting authorised.
Mr Wheatley said: “We hope that a more proactive engagement with innovators and innovation facilitators will provide a valuable feed of intelligence to help us keep the regulatory system on the right side of change.”
He said in the aftermath of RDR, innovative web-based advice models were delivering advice in a different form. These included mobile banking and online investment.
The FCA is accepting input through a form on its website until 5 September.
