Established in 2014, ‘Project Innovate’ saw the creation of the Innovation Hub and advice unit with the aim of “encouraging innovation in financial services in the interests of consumers”.
The FCA launched a regulatory sandbox in 2016 where firms could test out their innovative ideas without the immediate regulatory costs and Woolard said the popularity of the service had not been dampened by Brexit.
In the nine months prior to the referendum the sandbox received 264 requests for support, and in the nine months after the referendum received 321 requests, Woolard said.
“The fact is we are working more deeply with innovators than this time last year.”
He added: “I can announce that we will be accepting 31 of these applications to progress towards testing, nearly double the number of firms currently testing in our first cohort.”
The regulator will also reach out to regional FinTech hubs, Woolard said.
Firms based in the Edinburgh-Glasgow corridor and in the Leeds-Manchester area have been earmarked for support as ‘emerging hubs’ for FinTech solutions.
The FCA will work with local authorities and development partners to support innovation in both areas.
