The support service for as-yet-unlaunched products is an advice helpline for regulated and unregulated businesses during the product development process.
The FCA confirmed the team will have less than ten members but enlist wider resource and expertise from FCA employees when needed.
An FCA spokesperson said the project will be a ‘watching brief’ with a very experienced team advising on how to navigate regulatory systems and ensure product compliance.
“Previously, our focus has been on regulated firms, who have always been supplied with a regulatory contact to help in these situations. From today, these services are also available to unregulated firms,” she added.
The FCA’s chief executive, Martin Wheatley, said: “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.”
For support, innovators need to show how any proposed product will bring benefit to the end consumer.
The services include:
• a dedicated contact for innovation-related queries, including provision of individual guidance and informal steers, as appropriate;
• continuation of additional support for up to a year after authorisation (for those firms who have been supported through the authorisations process);
• help to understand the regulatory framework and how it applies.
• identify areas where the regulatory regime needs to adapt to facilitate innovation;
• use the expertise gained through our work with firms to inform future policy development in a way that supports innovation.
The full criteria that will be used to assess requests for support is HERE.
