Harshil PatelFCA’s Innovation Hub has been helping firms to develop innovative products and services since it was launched in 2014. FCA has recently provided an insight update on the data which it has gathered on the UK’s growing fintech market. FCA has received over 2,000 application for support.
FCA’s Innovation Pathways helps firms to launch innovative products and services for consumers, including automated advice and guidance platforms. FCA’s eligibility criteria can be found here and firms can apply to join the Innovation Pathways by completing an application form.
FCA supports firms across all sectors and wants to hear from innovative businesses across all sectors, whether they fit into existing categories or whether they are doing something the market has not seen before. FCA is happy receive applications from firms based overseas who want to expand into the UK.
Most business models that were accepted into the FCA’s Regulatory Sandbox since 2016 were focussed on DLT, blockchain and crypto assets. Sandbox firms pioneered the use of this technology for diverse purposes such as money remittance and share issuance.
