News / Finance
Financial leader lauds uni for ‘supercharging’ local businesses with AI innovation
The head of the UK’s financial watchdog has praised the University of Bristol’s work in helping businesses embrace innovation.
Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), visited the University of Bristol’s pilot Bristol Innovations Zone at the Engine Shed, where he met Professor Evelyn Welch, vice-chancellor at the University of Bristol and researchers helping firms adopt artificial intelligence (AI) and digital technologies.
The Zone will form part of the £500m Temple Quarter Enterprise Campus, due to open in September 2026.
His visit highlighted Future Finance, a University-led programme funded by Innovate UK and UKRI’s Economic and Social Research Council, which has helped more than 80 small and mid-tier firms adopt new approaches.
Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), visited the University of Bristol’s pilot Bristol Innovations Zone at the Engine Shed – FCA/Robyn Grainger
The initiative combines academic insight with hands-on support to help firms adopt new technologies such as AI, boost productivity and build long-term innovation strategies.
So far, 95 per cent of participants have introduced at least one innovation.
Examples include Bristol start-up Penny Pensions, which has used generative AI to improve pension tracing, and Moneyhub, which has strengthened its compliance and innovation strategy.
Rathi also heard from researchers at the University’s Personal Finance Research Centre, who are examining the risks posed by online investing platforms and the growing influence of social media “finfluencers.”
Rathi said innovation in financial services “can support growth across the UK, as well as delivering benefits for consumers.”
He said: “Innovation in financial services can support growth across the UK, as well as delivering benefits for consumers. It was great to see some real-world examples of how The University of Bristol is supporting small businesses to grow and develop.
“We hope some of them will use our innovation services, designed to support a wide range of firms to bring new products to market.”
Professor Jonathan Beaverstock, principal investigator of Future Finance and deputy dean of the University of Bristol Business School, said: “Future Finance has made a transformational step-change for SME and mid-tier firms’ innovation adoption, raising productivity and awareness of technological advances.
“The support it delivers is novel because it is tackling challenges related to mindset, culture, behaviour and risk appetite that equip participants with the skillset to proactively and continually horizon scan and identify opportunities for business improvement. The initiative also nurtured in-house capability to effectively implement change and innovation adoption.”
The Zone will form part of the £500m Temple Quarter Enterprise Campus, due to open in September 2026 – photo: FCB Studios
Beaverstock praised the successes achieved in the South West, noting that these have since been scaled up to other parts of the country, such as the Midlands and north of England.
Main photo: FCA/Robyn Grainger
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