FCA announces launch of Innovation Pathways and CryptoSprint

Apr 5, 2022 12:00:00 AM

What has happened?

In a speech made by the FCA’s Jessica Rusu, Chief Data, Information and Intelligence Officer, at the Innovation Finance Global Summit in April 2022, it was announced that the FCA’s new unified firm support service ‘Innovation Pathways’ will play a key role in ensuring the regulatory environment is fit for future innovation. In addition, the FCA’s CryptoSprint and APP Fraud TechSprints are intended to support innovation while protecting consumers in a rapidly changing world.

What was the coverage of the speech?

Innovation services

Jessica Rusu explained that the FCA’s innovation services work with a mix of FCA authorised and non-authorised firms, providing access to the Regulatory Sandbox and Direct Support and Advice unit.

Data shows that a high proportion of firms that use the Innovation services are successful in becoming authorised – with 92% of firms that have used the Regulatory Sandbox and 98% of those that have used the Direct Support and Advice Unit.

These services also support firms outside the regulatory perimeter, which provides the FCA with additional insights into the technologies being used and their potential implications, to inform future policy development.

Innovation Pathways

A new unified firm support service, ‘Innovation Pathways’, (see https://www.fca.org.uk/firms/innovation/innovation-pathways) that will combines and enhance the Direct Support and Advice Unit Services, has been announced.

Innovation Pathways will provide bespoke regulatory support to firms with innovative business models that want to deliver positive innovations and consumer outcomes in the market. There will be a greater focus under this regime on sharing insights into FCA data and the support provided to firms.

CryptoSprint

In May, the FCA will be hosting its first CryptoSprint, engaging with the industry to seek ideas to inform regulatory policy thinking. This will be the start of a programme of industry engagement in this space.

How can we help you?

If you’d like to know more about how we can help you with your innovative technology, crypto services, becoming FCA authorised or any other regulatory compliance issues, our specialist team is here to help.

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