A coalition of leading financial institutions are teaming up to launch a UK-wide innovation challenge. The initiative is being delivered in partnership with FinTech Scotland through the Financial Regulation Innovation Lab (FRIL) together with SuperTech WM.
The challenge will explore how technology can reshape consumer access to financial support at the critical advice-guidance boundary. Specifically, the initiative calls on fintech innovators to co-create next-generation solutions that can help consumers make more confident and informed financial decisions. Participating financial institutions include PWC, NatWest, Barclays, Standard Life, M&G, Lloyds Banking Group, Dudley Building Society and BNP Paribas Personal Finance.

Advice-Guidance Boundary Review

The Advice-Guidance Boundary Review (AGBR) is the Financial Conduct Authority’s key vehicle to deliver on its “promote growth” objective within the 2025–2030 strategy. It has sparked significant conversation across the industry due to the fundamental changes it could bring. At its core, the review responds to a growing concern that there is an advice gap with too many consumers in the UK not receiving the financial help they need. Examining the boundary between financial advice and other forms of support will allow the AGBR to enable financial organisations unlock new, more effective ways of meeting consumer needs, particularly when it comes to managing their future finances.

To continue the conversation, the new FRIL Innovation Call invites fintech innovators to develop next-generation solutions that make financial support more personalised, inclusive, and accessible. Moreover, it will help firms better understand diverse client bases and consumer needs and values, ensure regulatory compliance and protect consumers.

The initiative is being developed in close collaboration with regulators, academics, and industry partners. The programme will test how digital tools, data-driven models, and new approaches to consumer engagement can help bridge the advice gap, support firms in growing their client bases and align with the FCA’s evolving expectations. The challenge is looking for practical, scalable solutions that empower consumers to make better-informed financial decisions whether through targeted support that stops short of regulated advice, or through models of simplified advice that are easier to deliver and to understand.

Consumer Duty obligations

In doing so, it will help firms meet Consumer Duty obligations while opening more inclusive ways to serve consumers.
Successful applicants will have the opportunity to work directly with major financial institutions. They will gain valuable insights into the future of Wealth Advice, access academic expertise at the University of Strathclyde and the University of Glasgow. And they may also be eligible for up to £50,000 in grant funding to accelerate the development of their solution. The programme will culminate in a showcase event in Glasgow, where participating fintechs will present to industry, regulatory, and academic leaders.

Deadline for entries: 10 November

FinTech firms from across the globe are encouraged to apply before the deadline on November 10. Details are available via this link.

Nicola Anderson, CEO of FinTech Scotland: “This challenge is a milestone in the journey towards a more inclusive financial services sector. By bringing together fintech innovators, regulators, and industry leaders, we can design practical solutions that empower consumers to make informed decisions while ensuring firms navigate the advice boundary responsibly.”

The Financial Regulation Innovation Lab is part of the larger Glasgow City Region Innovation Accelerator programme. Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerators programme invested £100m in 26 transformative R&D projects between 2022-25 to accelerate the growth of three high-potential innovation ecosystems – Glasgow City Region, Greater Manchester and West Midlands.