The FCA has launched a new business 'Scale-up Unit' to help “fast‑growing and innovative” financial services businesses get more support from the regulator.
The FCA says regulated firms can apply for support from the Scale-up Unit to help them grow faster.
The FCA’s Scale-up Unit will provide tailored support to firms to help them to navigate financial services regulation so they can grow "sustainably.”
The unit is now open to solo-regulated firms to apply, that is firms regulated only by the FCA.
The plan underlines the ‘business growth’ agenda that the Chancellor Rachel Reeves has given to the FCA to help boost the growth of financial services in the UK and boost employment.
The new Scale-up Unit will join the FCA’s existing programmes, including Innovation Pathways, Pre-Application Support Service (PASS) and Early and High Growth Oversight function.
The new unit will offer a dedicated point of contact and practical support to help navigate regulatory processes, develop innovative products and understand the impact of policy changes.
Jessica Rusu, FCA chief data, information and intelligence officer, said: “We want firms to be able to grow with confidence. This initiative will help them navigate regulation, scale sustainably and contribute to making the UK the best place to start and grow a financial services business.”
The FCA and PRA are already supporting 6 dual-regulated firms through the Scale-up Unit as part of a pilot. The FCA says this has provided the FCA with insight into how it can best support growing firms and it will continue this work with solo-regulated firms.
Applications for FCA solo-regulated firms to join the Scale-up Unit are open from 20 May to 22 June.
• How to apply to the Scale-up Unit. Details of the unit: Scale-up Unit.
Financial Planning Today Analysis: The launch of the new Scale-up Unit, and other similar initiatives from the FCA, suggest the regulator is serious about helping regulated firm to grow faster. Against a background of slow economic growth and rising unemployment, the Chancellor is keen to unlock the potential of financial services to spur economic growth and also create new job opportunities. There is no doubt financial services is one of the UK's strongest sectors and has major growth potential. Whether a 'Scale-up Unit' is enough to unlock the potential remains to be seen but many regulated firms will welcome the chance of some useful advice and a helping hand. A move in the right direction but the FCA will need to balance its regulatory function carefully with this new agenda.