A new report from the Financial Conduct Authority (FCA) examines and evaluates the impact of Innovate - the FCA’s innovation programme, and references honcho as a beneficiary of the service.
Started in 2014, Innovate was set up to support innovative businesses across the financial services sector to access the help needed to become authorised in a more expedient way than through standard FCA processes, in addition to providing a number of complementary support services to facilitate growth and competition in the market.
Since launching, Innovate has assisted over 700 businesses - some of them large incumbents, but the majority of them being small, nimble and innovative businesses like ourselves.
honcho has benefited significantly from the support of Innovate during our startup phase. During our process of applying for FCA authorisation in 2018 the team at Innovate were a huge support to us - understandably the model that honcho was presenting for authorisation was a new one to the FCA and therefore our journey would, in all likelihood, have been significantly trickier and longer without Innovate’s support.
Innovate’s new evaluation report - which can be read here - describes the diversity of organisations and support needs that have accessed Innovate since 2014. In relation to honcho, the report describes how the FCA provided “…support to honcho in the early days of Innovate to help them navigate the regulatory complexities of offering such a model to market.”
At honcho we are grateful for the support of the FCA across our journey to date, and we expect to continue to regularly liaise with the team at Innovate as we grow and develop.