FCA Launches Innovative Hub to Support Financial Sector in UK
Published By : 28 Oct 2014 | Published By : QYRESEARCH
Financial Conduct Authority (FCA) has initiated an Innovation Hub that will help newly established businesses to introduce financial services and products to the market. The Innovation Hub, a part of the Project Innovate scheme by FCA offers help to businesses to accelerate their plans and deal with regulatory compliance issues their products would raise.
The new effort will also be an aid to the traditional financial services businesses which will have a chance to introduce their new concepts to the market to make decent and noteworthy improvements to current practices and ideas. This scheme will help various business houses to make and execute plans to operate in UK. All types of firms providing financial services will be eligible for seeking specialist support from Innovation Hub for making authorization processes.
A business house in the initial phase of pre-application will be assigned an officer who will be responsible for the firm submitting a high quality of application. His job will essentially involve participating in the pre-application meetings and organizing them, if the need be. He will also play a crucial role in making the businesses houses understand the authorization processes, expectations by FCA, and also act as a first point of contact in case of queries.
FCA’s criteria for accepting applications submitted by business firms would be how innovative an idea actually is. Only those innovations will considered which are in favor of consumer or public interest.
This initiative will challenge business firms to come up with great innovations that will make a groundbreaking impact on the financial sector in UK.