Research and development support for financial, professional and business services

The UK provides a highly advanced research and development (R&D) infrastructure and support network for the financial, professional and business services.

R&D support for financial services

Research Centres of Excellence

Research Centres of Excellence specialising in financial services, financial technology (fintech), big data, cybersecurity and artificial intelligence (AI) are spread across the UK. They offer skilled workers for all fintech hubs.

The websites of some key centres are listed below:

• Imperial College Business School’s Centre for Financial Technology
• Cambridge Centre for Alternative Finance 
• Leeds Institute of Data Analytics
• University of Edinburgh, School of Informatics
• Security Lancaster, Lancaster University

Research resources

Konfer is an online tool which uses smart matching technology to connect UK universities and businesses.

UK Research and Innovation’s Gateway to Research website gives information on current and past UK research projects, including publications, outcomes and contacts.

Read more on help for R&D and find links that can help you further your research in our guide to incentives, funding and support in the UK.

Fintech funding

The FinTech Growth Fund has been launched in the UK to back growth-stage financial technology companies.

The £1 billion fund aims to address the issue of fintech companies struggling to scale up and pursue public listings, and was born out of a recommendation from a government-commissioned independent review of the fintech sector. It is backed by the London Stock Exchange Group, Mastercard and Barclays bank. Find out more on the Fintech Growth Fund website

Financial Conduct Authority (FCA) Innovation Hub support services

The FCA supports financial services firms to launch innovative products and services through several initiatives.

The following websites list some of the initiatives available:

• FCA Innovative products and services
• Global Financial Innovation Network (GFIN) - also known as the Global Sandbox, the GFIN seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas
• Green Fintech Challenge -  an initiative promoting innovation and growth in Green Finance
• UK-Africa Fintech Partnership - this partnership aims to build relationships and deepen collaboration between African and UK fintech industries
• TechSprints - these are typically two-day events to develop technology-based ideas or proof of concepts to address specific industry challenges
• Bank of England (BoE) - launched by the BoE to gain insight into fintech products, concepts and firms

Asset management

The websites of some asset management research initiatives are listed below:

• Centre for Asset Management Research is an initiative from Bayes Business School, University of London
• Personal Investment Management and Financial Advice Association (PIMFA)
• Engine Innovator Programme from the Investment Association

R&D support for professional and business services

Innovation hubs for professional services

The following websites list some of the UK's innovation hubs:

• Tech Nation's Lawtech UK -  an initiative between Legal Geek, Codebase and the Ministry of Justice, to support the digital transformation of legal services
• Freshfields Hub in Manchester - applies cutting-edge tools (including document automation and AI) to legal tasks
• Bain Digital Innovation Hub in London - which enables businesses to work with digital experts and a startup network to brainstorm and explore innovative technologies

Insurance services

Centres for Research

Investors in the UK have access to the latest research and academic expertise in risk and insurance due to strong links between academic institutions and industry.

The websites of some major centres for research include:

• New Insurer Start Up Unit - Bank of England
• The Global Centre for Banking and Financial Innovation at Nottingham University
• Climatewise - a group which supports the insurance industry to better communicate on, and respond to, climate change
• Loughborough University - Technology Driven Next Generation Insurance - (TECHNGI), is a cross-disciplinary research project investigating the opportunities and challenges for the UK insurance industry

Accelerator programmes

The websites of some UK programmes to accelerate growth for innovative insurance start-ups are listed below:

• Startup Bootcamp Insurtech - backed by leading insurance brands, this scheme offers equity investment, with office space, mentoring and networking
• Insurtech gateway - this offers mentoring and office space along with underwriting capability
• Lloyd's Labs - An award-winning space dedicated to accelerating and fostering new products and solutions fit for the needs of insurance customers around the world. The main programme is an InsurTech accelerator programme which aims to help innovative ideas gain traction and success in the insurance market

Legal services

The UK Solicitors Regulation Authority (SRA) allows businesses and start-ups to test innovative products and services in a controlled environment, which might conflict with certain regulations or rules. This also applies to legal accountancy.

Find out more about the SRA's innovation projects on their website.

Next steps

Learn about tax incentives, equity investment schemes and national and local funding in our guide to accessing finance.