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HSBC successfully moves forward in FCA’s Project Innovate

  • 07/11/2016
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HSBC successfully moves forward in FCA’s Project Innovate
The Financial Conduct Authority (FCA) has announced HSBC as one of the sandbox firms which has been successful in reaching the testing stage of its Project Innovate.

The scheme, which celebrates its two-year anniversary this month, is designed to provide innovators with a ‘safe space’ where businesses can test forward thinking products, services, business models and delivery mechanisms in a live environment – while protecting consumers at all times.

HSBC’s proposed product is an app, in partnership with Pariti Technologies, to help customers manage their finances better.

The FCA said it has worked with all of the 18 sandbox firms that have reached the next stage to agree testing parameters and build consumer safeguards before going forward.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “It has been an intense process for both firms and ourselves and we are grateful for their cooperation and hard work in getting us all to this position. We look forward to these businesses bringing new products and services to market, while we ensure that appropriate consumer protection safeguards are in place.”

HSBC’s Q3 results confirmed its pre-tax profits collapsed by 86% after a big loss from the sale of its Brazilian banking arm. Profits fell to £678m in the three months to the end of September, down from £4.9bn in the same period last year.


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