“The advice gap is real, and firms are under growing pressure to support more people” – Crawford Taylor, Afternoon Finance
Four financial technology ventures have secured grants as they look to help people make “more informed financial decisions” and access tailored wealth support.
The Financial Regulation Innovation Lab has awarded £50,000 to each of the four fintechs through its latest “future of wealth innovation call”, which has been delivered by industry body FinTech Scotland in partnership with SuperTech WM.
The six-week programme concluded last month with a showcase day, where 21 fintechs presented solutions to the challenge – helping consumers make informed financial decisions and access more tailored wealth support, while keeping pace with evolving regulation.
The four grant winners were Finspector, Planda, Amplified Global and Afternoon Finance.
The innovation call was delivered with the support of ten strategic partners – PwC, Barclays, Lloyds Banking Group, Sopra Steria Financial Services, NatWest Group, M&G, BNP Paribas, Dudley Building Society, Wesleyan and Standard Life – alongside academic partners at the University of Strathclyde and the University of Glasgow, and Growth Builders, which supported delivery.
Aleks Tomczyk, chief executive at FinTech Scotland, said: “The advice guidance boundary review is pivotal to widening access to meaningful financial support across the UK. Too few people are saving adequately for retirement, and historically advice has skewed towards higher earners.
“Government, regulators and industry are aligned on helping the wider population make better-informed financial decisions. By funding these four winning projects and opening real-world pilots with partners, we’re accelerating practical solutions that improve consumer decision-making and access to support, while helping firms operate confidently within the advice–guidance boundary.”
Kate Murray, strategic projects lead at Scottish Widows and Lloyds Banking Group, said: “We want to fill the advice gap that currently exists in Britain and ultimately, enable people to have a much more prosperous financial future. The Innovation Calls present such a massive opportunity. We at Lloyds Banking Group are changing the way we do change and innovate to go faster. Bringing in outside thinking, technology, and just a completely different perspective can help us achieve that.”
Crawford Taylor, co-founder of Afternoon Finance, one of the four winners, added: “The advice gap is real, and firms are under growing pressure to support more people, with better outcomes, under tighter regulation.”