| Link(s): | Chancellor unveils plans to ‘supercharge’ growth of innovative financial services firms – GOV.UK Chancellor launches Scale-up Unit in Leeds to help firms grow | FCA |
Context
The Chancellor has announced that financial services firms will get new support to help them scale up, invest and create high-skilled jobs. The Scale-up Unit will be jointly led by the FCA and PRA. Expert and bespoke support delivered by the new Unit “…will help banks, insurers and fintech firms expand faster, create well paid jobs and attract investment.”
Key points to note and next actions
- The Scale-up Unit will initially support firms who are regulated by both the PRA and FCA. The FCA will continue to work closely with industry to develop the Unit so that it can support firms who are only regulated by the FCA.
- The service will open initially for fast-growing deposit-takers and insurers, before expanding to serve other financial services firms including fintechs next year.
- The Unit will also help fast-growing firms by connecting them with a dedicated resource to support them with challenges as they expand.
- The announcements build on the government’s wider work to strengthen the UK’s position as a global hub for financial services and technology, including unlocking more private investment through the Mansion House Reforms and supporting growth in every region through the Leeds Reforms.