Legal & Regulatory News

FCA launches diversity, equality and inclusion innovation initiative

On 24 August 2022, the UK Financial Conduct Authority (FCA) published an announcement regarding the launch of their new diversity, equality and inclusion (DEI) initiative. This is aimed at creating closer alignment between new DEI financial products and the FCA's work on improving financial inclusion for underserved or unrepresented consumers.

This initiative follows a growing trend in FinTech start-ups releasing new innovative products that are driving greater financial inclusion. As such, in alignment with the FCA's focus on culture and governance, the launch of their new DEI initiative aims to encourage more firms specialising on DEI to work alongside the FCA's Innovation services to ensure an alignment in business values throughout the industry.

The FCA already has two platforms available through their Innovation services;

• the Regulatory Sandbox, which allows testing of innovative propositions in the market with real consumers; and
• Innovation Pathways, which provides advice to start-ups trying to understand the FCA regulatory regime.

The FCA has expressed a particular interest in innovation focused on consumer credit; debt advice; investment advice; robo-advice; insurance; pensions; financial education; and enhancing the consumer journey.

Click here to access the press release.

Click here to view more information on the FCA's Innovation services.