The Financial Conduct Authority (FCA) may be willing to relax rules to help new financial firms get off the ground, according to regulator Martin Wheatley.
The industry watchdog also hopes to foster new ideas and products directly through its newly created Innovation Hub for finance entrepreneurs. The Hub will provide advice and support to any initiative which can show that it would help consumers, said Wheatley, and the FCA is open to adjusting rules that hamper their progress.
“The Innovation Hub is part of our commitment to support innovation by opening doors to those – regulated and not – who come with fresh ideas about how to deliver financial services,” said Wheatley.
“This work levels the playing field by giving all firms eager to innovate access to our expertise so that the process of joining the financial markets or introducing new products does not seem so daunting.”
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