The chancellor has announced the launch of the Financial Conduct Authority and Prudential Regulation Authority’s scale-up unit.
Rachel Reeves announced the new unit at the FCA Forum, held in Leeds on October 24.
The unit is designed to give financial services firms support to help them scale up, invest and create highly-skilled jobs.
The city watchdog said: “The scale-up unit will provide growing financial sector regulated firms across the country with tailored support and guidance to help them test ideas, grow and succeed in the UK.”
The unit will assist firms by connecting them with a “dedicated point of contact to support with challenges they face”.
The FCA and PRA believe the unit will support competitiveness, growth and innovation across the UK.
The unit will initially support firms who are regulated by either the FCA or PRA. The service will open at first for fast-growing deposit-takers and insurers, before expanding to serve other financial services firms including fintechs next year.
The FCA said the scale-up unit complements it’s existing support available that already helps firms to operate in the UK, launch new products or services, or invest in the sector.
It will also play a key role in supporting growth, a central part of the FCA’s five-year strategy.
Speaking at the forum, Reeves said: “I am proud to be back in Leeds, home to the second largest financial services centre in the UK, to launch our new scale-up unit – which will super charge the growth of some of our most innovative companies.
“But the vast number of rules make life complicated for these businesses. We are helping them cut through the noise, to grow and innovate. That’s how we will boost jobs, boost growth, and build an economy that works for, and rewards, working people.”
FCA chief executive Nikhil Rathi added: “We’ve committed in our strategy to supporting growth and ensuring the UK remains the premier destination for financial firms to start up and grow.
“By joining up with the PRA, our new scale-up unit will provide firms with tailored, hands-on support to help them scale and grow faster.”
PRA CEO Sam Woods said: “In line with our objective to facilitate UK growth and competitiveness, this new unit will encourage a dynamic, competitive landscape in financial services by offering tailored support to firms on how to navigate regulation while scaling up.”
