Helen Ginter, the Policy Advisor for the Innovation Hub at the Financial Conduct Authority, led the NewFinance Open Mic Night on Regulation with a very good introduction to the Hub and its Sandbox. The objective is to encourage innovation in financial services in the interests of consumers by supporting innovator businesses. The Hub will be open for applications 9th May to 8th July and to qualify you need:
a Genuine innovation
be of Consumer benefit
done Background research
a Need for support
The FCA has a very useful website with all the details innovate.fca.org.uk
Helen opened with some figures on From October 2014 to the end of March 2016 there were 488 applications, 53% were supported, 28 were given an informal steer, 21 applied for authorisation with 18 getting it. Hopefully the sandbox will allow London to continue its lead in innovation in the financial sector.
NewFinance has regular meetings, usually new companies showcasing their ideas and well worth getting to if you are interested in Fintech. See you at the June event!