THE FINANCIAL REGULATION INNOVATION LAB

The Financial Regulation Innovation Lab (FRIL) is an industry-led collaborative research and innovation programme focused on leveraging new technologies to respond to, shape, and help evolve the future regulatory landscape in the UK and globally, helping to create new employment and business opportunities, and enabling the future talent. Founded by FinTech Scotland in partnership with University of Glasgow and University of Strathclyde, SuperTech is collaborating to help expand the reach and impact across the UK.   

FRIL provides an environment for participants to engage and collaborate on the dynamic demands of financial regulation, explore, test and experiment with new technologies, build confidence in solutions and demonstrate their ability to meet regulatory standards worldwide. SuperTech is supporting this mission in bringing West Midlands stakeholders and capabilities to contribute and benefit from this unique proposition through the open innovation calls.   

The first cross-regions collaborative innovation call is “Consumer Duty – Maximising Positive Outcomes for All” building on the successes of previous FRIL calls firstly exploring the use of AI to simplify compliance and monitoring and then technology to support new regulatory requirements for ESG. 

CLOSED FOR APPLICATIONS

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CLOSED FOR APPLICATIONS *

THIS INNOVATION CALL CLOSED FOR APPLICATIONS ON 27TH OCTOBER 2024

We are looking for companies with creative ideas and new solutions dedicated to helping financial services companies with their Consumer Duty requirements. 

You will get the opportunity to work with a wide variety of financial services industry partners on the future of consumer centric capabilities and services. Our partners are Barclays, Natwest, Equifax, PwC, Lloyds Banking Group, Secure Trust Bank, Tesco Bank, Dudley Building Society, Advance Credit Union, Coventry Warwickshire Reinvestment Trust (CWRT), Moneyline, BNP Paribas Personal Finance and TSB.

Working collectively, key challenges and opportunities for proposition and product development have been identified that will help our Financial Services partners deliver their Consumer Duty Obligations.  

For more information about the use cases, click below. 

You will get the opportunity to work with a wide variety of financial services industry partners on the future of consumer centric capabilities and services. Our partners are Barclays, Natwest, Equifax, PwC, Lloyds Banking Group, Secure Trust Bank, and Dudley Building Society.

We welcome applications that demonstrate solutions that save time and effort, improve consumer insight and reporting, lead to cost savings and better consumer outcomes. 

Applications are open to companies at all stages of development, that can help tackle these challenges. 

OUR OFFER TO YOU

  • Work alongside some of the leading financial services firms in the UK  

  • Learn from them about their challenges, their ways of working and how to best integrate your solutions within their businesses.  

  • You may be eligible for a grant award up to £50,000 to develop your solution further.  

  • Whether it’s tools for colleagues, analysis of data or the development of new functionalities, this could help you advance your proposition.  

  • Deepen your understanding of Consumer Duty regulatory obligations.  

  • Learn what financial services are exploring for consumer duty regulatory innovation and beyond and how this may vary across our industry partners.  

  • Access information and insights from our industry partners.  

  • Access support and inputs from our industry partners to help develop your proposition. 

HOW IT WORKS


INTERESTED? NEXT STEPS

Please review the application guidance and eligibility criteria before submitting your application.

Need more information? There is a Q&A drop in session if you have questions before applying: 

17 October – register here 

Alternatively, you can review the FAQs below and/or email FRIL@fintechscotland.com and a member of the team will respond.  

OUR PARTNERS