The Financial Conduct Authority will be expanding the scope of its advice unit to cover a wider range of services.
Christopher Woolard, the regulator’s executive director of strategy and competition, said the unit would now also work with firms in the mortgage, general insurance and debt sectors.
The advice unit was set up after the Financial Advice Market Review to help firms develop automated advice models.
Mr Woolard said it would now also look to help firms which provided guidance instead of regulated advice.
He said: “As long as firms are developing innovative products, services and solutions that offer better outcomes for consumers, we’re open for business.
“It is our job to provide the conditions that simplify regulatory complexities and give space for firms to innovate.
“To do that across the UK, but also internationally.
“But, ultimately, we need firms to continue to push the boundaries of competition and innovation for our approach to work.”
In September the FCA announced that nine firms had been accepted into its advice unit as part of the first cohort.
Mr Woolard also said the FCA was working with more firms through Project Innovate now than this time last year before the EU referendum.
He said that in the nine months before the referendum, the regulator had received 264 requests for support.
But in the nine months after the referendum, that figure had increased to 321.
He also said the FCA had received 77 applications for the second cohort of its regulatory sandbox, more than applied for the first cohort.
He said the FCA would be accepting 31 of these applications for testing, nearly double the number of firms currently testing in the first cohort.
damian.fantato@ft.com
