Emma RadmoreSpeaking at an FCA Forum in Leeds, Rachel Reeves announced the launch of a new PRA/FCA “Scale-up unit” to support scaling firms to navigate regulation so they can grow and invest faster. The unit is immediately open to scaling banks and insurers, and will expand to cover other firms, specifically fintechs, in the new year.
The initiatives support various other government and regulatory actions to encourage growth, such as the new concierge service and pre-application support, as well as the various regulatory sandboxes.
The FCA has published further information on what the unit will, and will not, do. In particular, it will not replace existing support services.