UK Chancellor Rachel Reeves has unveiled plans for a new specialised “scale-up unit” designed to “provide dedicated resource for fast-growing firms seeking support as they expand”, according to a statement from the Treasury.
The Treasury says support delivered by the new unit “will help banks, insurers, and fintech firms expand faster, create well paid jobs, and attract investment”.
The new unit will initially focus on providing bespoke support for banks and insurers to navigate regulations. Its scope will then extend to support financial services firms across the sector, including the UK’s 3,000-strong fintech community, from early next year.