FCA speaks on the next phase of Project Innovate

On 10 April 2017, Christopher Woolard, the FCA’s Executive Director of Strategy and Competition delivered a speech at the Innovate Finance Global Summit in London.

The speech considers the work of the FCA’s Project Innovate to date including the Regulatory Sandbox initiative. Mr Woolard explained the FCA’s commitment to supporting innovation and its desire for the Innovate team to do more to lead the conversation about emerging trends and innovations.

Going forwards, the Advice Unit which at present assists firms developing automated advice models will have a broader remit by taking in firms within the mortgage, general insurance and debt sectors and firms that want to provide guidance rather than regulated advice.

The FCA is seeking to build common understandings internationally on the principles of good innovation through bodies like the G20 and IOSCO. The FCA believes that it can add value to the Edinburgh-Glasgow and Leeds-Manchester emerging hubs and plans to work with the various interested parties.