FCA calls on fintechs/ regtechs to innovate to help consumers deal with Covid-19 financial crisis

The FCA will consider any credible proposals/tools intended to help with the consequences of coronavirus that show clear consumer benefit.

In particular, the FCA is keen to hear from firms developing businesses, products or services intended to:

• improve access to credit or funding for consumers or small businesses;
• help individuals or companies to access cash, charitable donations, government aid or other financial help;
• help distribute funds or other forms of support during periods of isolation;
• help improve the speed or efficiency in assessment and resolution of insurance claims;
• help firms identify their vulnerable customers; and
• improve the identification of scams from, for example, phishing or push payment fraud.

Link to related article: https://www.fca.org.uk/firms/innovation/direct-support