Hard on the heels of the Transforming Finance workshop, the FCA announced in a speech by CEO Martin Wheatley last week that it will support innovators by:
- providing 'advice on compliance' to firms who are developing new models or products advice so they can navigate the regulatory system;
- looking for areas where the system itself needs to adapt to new technology or broader change – rather than the other way round; and
- launching an incubator to help innovative, small financial businesses ready themselves for regulatory authorisation.
The umbrella term for these initiatives is "Project Innovate". I look forward to hearing more about it, including contact details etc.