The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) will lead the unit and initially assist deposit-takers and insurers, before expanding to other firms.
Firms will receive bespoke support to navigate rules and regulation, which the government said would remove barriers to growth and investment.
The unit will provide a clear point of contact with the FCA and PRA to make it easier to get timely responses to regulatory queries and access support, enabling firms to focus on developing new products, hiring staff and bringing investment to local economies.
Chancellor Rachel Reeves announced the scheme at a conference of regulators and business leaders in Leeds today, which forms part of the government’s Industrial Strategy.
Reeves said: “I am proud to be back in Leeds, home to the second-largest financial services centre in the UK, to launch our new Scale-up Unit – which will super charge the growth of some of our most innovative companies.
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“But the vast number of rules make life complicated for these businesses. We are helping them cut through the noise, to grow and innovate. That’s how we will boost jobs, boost growth, and build an economy that works for, and rewards, working people.”
Nikhil Rathi, chief executive of the FCA, said: “We’ve committed in our strategy to supporting growth and ensuring the UK remains the premier destination for financial firms to start up and grow. By joining up with the PRA, our new Scale-up Unit will provide firms with tailored, hands-on support to help them scale and grow faster.”
Sam Woods, CEO of the PRA, added: “In line with our objective to facilitate UK growth and competitiveness, this new unit will encourage a dynamic, competitive landscape in financial services by offering tailored support to firms on how to navigate regulation while scaling up.”
