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April 2019The Impact and Effectivenessof Innovate2EP19/XXFinancial Conduct AuthorityThe Impact and Effectiveness of InnovateContents1 Foreword 32 Executive summary 43 Overview of this report 74 The evolution of Innovate 85 Evaluating our impact 126 Giving firms greater regulatory certainty 147 Firms are improving outcomes for consumers 208 Encouraging positive innovation domestically and internationally 269 Future work 30returns you to the contents listHow to navigate this document onscreen3 EP19/XXChapter 1Financial Conduct AuthorityThe Impact and Effectiveness of Innovate 1 ForewordThe FCA started its innovation programme 5 years ago. There has been significant interest in our innovation work from innovators, existing financial services players, regulators and governments, both domestically and internationally. We have seen innovation programmes and Sandboxes established in dozens of other jurisdictions to encourage innovation in the interests of consumers. 5 years in, the key question for us is whether our innovation programme is delivering the results we expected? Are we enabling innovators to develop their businesses and get to market faster, and are the innovations that get to market genuinely improving the lives of consumers? Some of this is hard to measure. In some cases, the results will only play out over many years. However, against the objectives we originally set for ourselves, the emerging answer is yes: We are seeing innovative firms getting to market quicker groups of firms coming through Innovate are being authorised on average 40% faster than our standard authorisation timings. We are seeing innovation at scale benefiting consumers incumbent firms are responding to new challengers to improve their own offerings, and firms we support are bringing beneficial innovations to market. We are seeing innovative firms accessing investment firms we have supported are receiving significant levels of investment, signalling the value of the regulatory certainty we provide.It is still early days. There is more for us to do both here in the UK and working in partnership internationally to make further progress, but we believe that this report demonstrates the positive start we have made. We will continue to measure and report on how we work to ensure that the benefits of innovation are maximised and realised by consumers.Christopher Woolard Executive Director of Strategy be this through products that are better suited to their needs, greater access, or lower prices.2.3 We also want to see innovation delivered by a diverse range of participants, both in terms of type of firm, and the people behind the developments. Diversity unlocks innovation and ensures new solutions and products are inclusive and designed to satisfy the varied needs and circumstances of consumers. to understand the regulatory considerations relevant to their developments;by producing policy to ensure the UK regulatory framework is fit for the future;by engaging widely to better understand trends and further promote innovation in the interests of consumersInnovate supports firms with innovative business models:2.4 Since launch, we have provided support to nearly 700 firms of varying shapes and sizes. We have a presence and active role in the FinTech ecosystem, we have held our own events and participated in others, and we have produced policy on innovation in financial services markets. Our leadership and collaboration on an international scale has contributed to a developing global approach to encouraging innovation in the interests of consumers, through pioneering regulator-to-regulator FinTech cooperation agreements, supporting experimentation through our TechSprint programme, and launching the Global Financial Innovation Network (GFIN).2.5 Demand continues to be high for our support, firm feedback remains positive, and the reaction from industry, consumer groups, academia, and our peers in regulation and government has been very encouraging. Despite the generally positive reaction, we want to objectively evaluate our progress and set out our findings transparently. We are focused on ensuring that the work we do contributes to a regulatory system that is well set up to facilitate positive innovation coming to market in a controlled and sustainable manner. Taking stock of what we have delivered and better understanding our impact enables us to move ahead with this aim. 2.6 We have tried to maintain an evaluative mindset to our work as we have grown. We recognise the importance and value of putting ourselves under as much scrutiny as the firms we work with. We survey firms to identify what we are doing well and what we could do better. We iterate our offering to better serve the needs of stakeholders internally and externally. And we have evaluated and reflected on our progress in an 5 EP19/XXChapter 2Financial Conduct AuthorityThe Impact and Effectiveness of Innovate open manner as we have sought to develop and update our approach. This evaluation and report represent the next step in that process.2.7 In this report, we aim to shed light on the work we do through Innovate, why we do it, and why we think it advances the FCAs objectives in an effective manner. We want to clarify misconceptions that persist about what we do, and present an open reflection on the effectiveness of our approach. The evidence suggests that our work:support provided1,563 applications for support686 firms supported149 informal steers101 authorisations or variations of permissions40% reduction in time to determine authorisation applicationsuccess in marketstart-ups in Sandbox cohort 1 receiving 135m total equity funding80% of firms that successfully tested in the Sandbox are still in operationgives firms the regulatory certainty they need to develop their innovations and deliver them at speedincumbents are responding development of innovation hubs/units partnerships with private accelerators partnerships with FinTechs (50% of Sandbox tests involved a partnership between an incumbent and a start-up) imitation of disruptive innovation by incumbentsour support is broad firms supported from across all sectors increase in number of large firms applying to Sandbox (9 in cohort 5) increase in number of regional and international applications to Sandbox (46 in cohort 5)improves outcomes for consumers by firms we support bringing innovation to market and incumbents responding to compete harder and improve their own offeringscreating a supportiveregulatory environment through policy publications such as guidance on Distributed Ledger Technology (DLT) and cryptoassets increasing focus on areas where we think innovation can be particularly beneficial e.g. Green FinTech Challenge and six themed events collaboration and leadershipon a global scale promoting collaboration through the Global Financial Innovation Network signing 11 cooperation agreements with international regulators involving international peers in our RegTech work and TechSprints working with international standard setters to develop global standardsencourages positive innovation domestically and internationally6EP19/XXChapter 2Financial Conduct AuthorityThe Impact and Effectiveness of Innovate 2.8 It is still early days. We expect to be able to draw clearer conclusions on Innovates impact as firms spend more time in the market and the evidence base grows. But we have identified ways in which we can do more now to expand our assessment capabilities. We are going to broaden the information we collect from firms we support and expand how we formally monitor their progress over time. This should allow us to make clearer comparisons with similar firms that do not receive our support.7 EP19/XXChapter 3Financial Conduct AuthorityThe Impact and Effectiveness of Innovate 3 Overview of this report 3.1 This report sets out the following: In Chapter 4, we set out the evolution of Innovate since we launched nearly 5 years ago. A significant amount of change has taken place in the market over this period, and we have adapted significantly alongside it. This section sets out how Innovate supports the FCAs overall objectives, and the substantial development we have undergone over this period to expand our goals and our functions. In Chapter 5, we set out the framework we have used to evaluate the work of Innovate and our impact on firms, markets and consumer outcomes. We discuss the hypotheses we have developed to assess ourselves against, how we have conducted the evaluation, and the scope of this evaluation. In Chapter 6, we set out the evidence demonstrating how we are having a beneficial impact on firms by providing them with the regulatory certainty they need to continue development of their innovations. We look at the significant levels of demand that we continue to experience for our services, the range of benefits our support provides, and the outcomes for firms that have received our support. In Chapter 7, we set out the evidence demonstrating how we are having a beneficial impact on outcomes for consumers. We discuss how firms we support are bringing innovative propositions to market that provide clear consumer benefit, how incumbents are responding to innovation to compete harder and improve their own offerings, and how our support appears to be making an impact across the full breadth of financial services. In Chapter 8, we set out the evidence demonstrating how we are influencing and contributing to the development of a regulatory response that is encouraging of positive innovation coming to market on a broader domestic and global scale. We explore the impact of our efforts to ensure the regulatory environment in the UK is fit for future innovation, to engage broadly both domestically and internationally, and to be at the forefront of the international regulatory response to innovation through extensive collaboration and cooperation. In Chapter 9, we set out future work to enable us to better measure and evaluate our impact on firms and consumer outcomes. This involves explaining how we will expand the information we collect from firms we provide support to and how we will monitor their progress over time.8EP19/XXChapter 4Financial Conduct AuthorityThe Impact and Effectiveness of Innovate 4 The evolution of Innovate 4.1 Our aim is to add public value by improving how financial markets operate, to benefit individuals, businesses and the UK economy. We have a single strategic objective to ensure the relevant markets we regulate function well. We also have 3 operational objectives to advance this overarching strategic objective: To secure an appropriate degree of protection for consumers To protect and enhance the integrity of the UK financial system To promote effective competition in the interests of consumers4.2 Innovation is a powerful driver of effective competition in the interests of consumers. It leads to some firms emerging to operate at scale as genuine competitors to incumbents, and some innovators being purchased by or partnering with large firms to deliver their propositions to mass market. Disruptive innovation comes from firms of all sizes, and it drives incumbents to compete harder to gain or retain customers.4.3 We have a strand of work to enable positive innovation in financial services markets. We conduct in-depth market studies to review how well competition in markets is working. We produce policy to ensure we have a regulatory environment fit for future innovation. We also continue to evolve our authorisation and supervisory capabilities to ensure firms can deliver positive innovation to consumers in a controlled manner. Innovate has a specific ambition to encourage innovation in the interests of consumers. We contribute to this by working with other areas of the FCA to play 3 broad roles.Innovate ambition: Encourage innovation in the interests of consumers.Role 2: Support the FCA to sustain a regulatory environment that facilitates innovation but is aware of the potential harm it poses.Role 3: Engage and influence at both a national and international level to further promote innovation in the interests of consumers. Role 1: Help firms with innovative business models to operate and develop in the regulatory context.Evolution of Innovate timeline Financial Conduct Authority 2019 | 12 Endeavour Square London E20 1JN | Telephone: +44 (0)20 7066 1000 | Website: fca.uk | All rights reservedFCA launches Innovate in October 2014 October 2014 FCA ocially launches Project Innovate following publication of Project Innovate Feedback Statement May 2016 First Cohorts of the Regulatory Sandbox and the Advice Unit open for applications November 2016 First Cohort of firms participating in the Regulatory Sandbox to test innovation in a live environment announced June 2017 Advice Unit scope expanded to include firms developing automated models in the mortgage, general insurance, and debt sectors October 2018 Green FinTech Challenge launched to provide support to firms developing green solutions January 2019 GFIN is formally launched by 29 participating organisations April 2019 Pilot cohort of firms participating in cross-border testing through GFIN announced September 2015 First Innovate event held on Robo-Advice March 2016 First FinTech Cooperation Agreement Signed with Australian Securities and Investments Commission (ASIC) April 2016 First TechSprint held on Consumer Access to Financial Services March 2017 Event held on InsurTech and TechSprint held on Financial Services and Mental Health February 2018 10th FinTech Cooperation Agreement signed with the US Commodity Futures Trading Commission (CFTC) October 2018 Event held on Innovating for a Greener Great Britain to coincide with launch of Green FinTech Challenge March 2016 Feedback Statement on digital and mobile solutions published July 2016 Finalised Guidance on outsourcing to cloud published and Feedback Statement on supporting the development and adopters of RegTech published October 2017 Lessons learned from the first two cohorts of the Regulatory Sandbox published December 2017 Feedback Statement on Distributed Ledger Technology published February 2018 Consultation on global sandbox proposal published August 2018 Consultation on Global Financial Innovation Network published in conjunction with 11 other international regulatory bodies October 2018 Final Report of the Cryptoassets Taskforce published in conjunction with HM Treasury and the Bank of England January 2019 Guidance consultation on cryptoassets publishedSupport Engagement Policy10EP19/XXChapter 4Financial Conduct AuthorityThe Impact and Effectiveness of Innovate 4.4 We believe that the FCA can play a unique role in encouraging innovation in the interests of consumers in a way that advances all our objectives. Recognising this, in 2014 we asked fo
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