Financial Conduct Authority’s (FCA) David Geale, Director of Policy, spoke to the FinTech Insider podcast about the FCA work to promote competition and innovation through Project Innovate.
FinTech Insider is a weekly podcast hosted by David M. Brear, Jason Bates, Simon Taylor and Chris Skinner. The podcast looks back on the week in fintech and banking as well as interviewing key figures from start-ups, banking, regulation and investors.
During the interview David Geale explains why the FCA set up Project Innovate in 2014, saying,
‘Project Innovate is something we’re really proud of. Some firms were struggling with how new ideas fitted within the existing regulatory framework, particularly where that framework wasn’t designed with those ideas in mind.
‘So that was really the genesis of Innovate – to say how can we work with those businesses, partly to help them and partly to help us make sure that regulation moves with the times.’
David also discusses FCA regulatory sandbox and the agreements they have signed with international regulators to help innovative firms either expand their ideas into new jurisdictions or to help firms from other countries come into the UK.
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