The Financial Conduct Authority (FCA) has launched the Innovation Hub, which is part of its Project Innovate, with the aim of supporting innovators.
Through the hub, a team of dedicated FCA staff will offer support to regulated as well as non-regulated firms.
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However, to get the support, businesses will have to highlight how their innovation would benefit the end consumer, whether an individual or business.
The businesses found eligible for receiving the support will get access to a dedicated contact for queries associated with innovation, continued additional support for up to a year after authorization.
At the same time, it will enable businesses understand the regulatory framework and its application.
The hub will also help identify areas where the regulatory framework can be developed to boost innovation, and the insight achieved through working with different firms can ultimately, facilitate policy development for innovation in the coming days.
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