15 May 2020

By Ciara Davies.

On 14 May 2020, the FCA updated its webpage to confirm that, through its Innovation Hub, it is still available to support innovative firms looking to launch financial services products and services. The FCA is keen to assist firms that are focussing on helping people and the financial systems they rely on to deal with the effects of COVID-19.

The FCA wants to hear from firms that are developing innovative solutions, including those intended to:

  • improve access to credit or funding for consumers or small businesses.
  • help improve access to cash, charitable donations, government aid or other financial help.
  • help increase the speed or efficiency in assessing and resolving insurance claims.
  • improve the identification of scams from, for example, phishing or push payment fraud.

This is not an exhaustive list and the FCA will consider other credible proposals designed to help with the consequences of COVID-19 or which are innovative and show clear consumer benefit.

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