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UK: FCA turns to the spirit of innovation

 |  October 29, 2014

The UK’s Financial Conduct Authority is turning to the promotion of innovation to spark new competition in the UK’s financial industry.

Reports say the FCA has launched what it calls the Innovation Hub, an initiative that looks to encourage the UK’s financial institutions navigate regulations of the industry. According to FCA chief executive Martin Wheatley, the project – part of its Project Innovate program – is part of the watchdog’s “commitment to support innovation by opening doors to those – regulated and not – who come with friend ideas about how to deliver financial services.”

According to reports, the program is looking to support the newest members of the financial industry in navigating the market and its regulatory structure, all in efforts to encourage competition. That support will include contact with FCA staff, with aid lasting up to a year, reports say.

Full content: Computer World UK

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