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29 April 2019

FCA sets out progress and next steps in promoting innovation in financial services

Christopher Woolard, FCA Executive Director for Strategy and Competition, spoke at the 2019 Innovate Finance Global Summit on the impact of the FCA’s work to promote innovation in the interests of consumers and our commitment to take this work further.

Five years on from its launch, we’re able to demonstrate that FCA Innovate is having a real impact.

New technologies can help us tackle huge global issues – but this can’t be done in isolation. GFIN is helping bring such innovations to market on an international scale.

The FCA is investing time and resource into exploring how technology can be used for public good – financial crime is a compelling example of this.

We’re enabling innovations onto the market faster. Groups of firms that have gone through our Innovate programme have come to market 40% faster than equivalent financial services firms. That equates to shaving three months from testing to roll out. 

We can be sure the progress we have made is significant and real.

But, there is much, much more to do.

If you read our evaluation report, you’ll see no one is claiming things are perfect. Many of the challenges we face are of a global nature. They range from the environment, to trade, to crime. These challenges will require creativity and vision to overcome. But that also means we continue to see opportunities.

So, the journey continues.

Full speech

© FCA - Financial Conduct Authority

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