We have launched a Diversity, Equity and Inclusion (DEI) Spotlight initiative encouraging firms developing innovative products focused in the DEI space to work with our Innovation services.
The financial wellbeing of consumers has been impacted by current economic pressures, and many people are struggling financially because of the rising cost of living.
FinTech has an important role to play in driving financial inclusion.
We are asking for firms wanting to launch an innovative product or service that focuses on fair treatment of consumers, vulnerability, and the new Consumer Duty[1], to work with our Innovation services.
The spotlight also aims to promote diverse and inclusive culture, governance and practices across the FinTech industry.
Who should apply?
We would like to hear from firms interested in applying to our:
- Regulatory Sandbox[2] - which allows testing of innovative propositions in the market with real consumers
- Innovation Pathways[3] - for firms that are not ready to test but need help understanding the FCA regulatory regime
For information about how we have supported firms since the 2014 launch of the Innovation Hub, see our Market Insights.
Diversity, equity and inclusion are critical to our work on culture and governance, particularly for boards and senior management.
Industry data indicates there is a lack of diversity in FinTech firms, and research has also shown a significant correlation between firms with a diverse team and overall innovation.
We are actively encouraging applications from a diverse group of founders, and we are keen to support applications from firms with business models which address the need to improve financial inclusion and target underserved, or unrepresented consumers.
We would like to hear from firms with a particular focus on innovation in:
- consumer credit
- debt advice
- investment advice
- robo-advice or guidance models
- insurance
- pensions
- financial education
- enhancing consumer journeys, including for vulnerable consumers
We also welcome applications focused on other sectors, or that have cross-cutting themes.
How to apply
Applications to the Regulatory Sandbox and Innovation Pathways can be made in the usual way.
Find out more about applying to the Regulatory Sandbox[4] and applying for Innovation Pathways support[5].
All applications will be assessed against our usual eligibility criteria.
How long will the spotlight run for?
The DEI Innovation Spotlight launched in 2022 and will be an ongoing initiative.
The window for applications to the Regulatory Sandbox and Innovation Pathways is always open.
Contact us
If you have any questions about the DEI Spotlight please get in touch by emailing [email protected] or [email protected][6].