The U.K.’s Financial Conduct Authority (FCA) has launched a public consultation on the regulatory barriers to innovation in digital and mobile solutions in an effort to encourage competition in the financial services sector.

The FCA published a paper on Wednesday calling for input on specific rules and policies that may be restricting innovation in the financial services sector and on rules that should be introduced to facilitate innovation, particularly when it concerns the provision of financial services through digital and mobile technologies.

One of the FCA’s primary objectives is promoting effective competition in the interests of clients — and that innovation is often the driver of effective competition. However, the FCA also recognizes that regulatory barriers “can distort competition and discourage new entrants to the market,” thereby stifling innovation and potentially denying consumers the benefits of innovation.

“Over the next few months, we will proactively engage with participants in the digital and mobile ecosystem who are interested in financial services to seek their views directly on regulatory barriers,” the FCA paper says. “We will consider the responses received to the questions in this paper as well as the feedback we obtain through our proactive engagement.”

The FCA is seeking input by Sept. 7; it will then make a public statement in the autumn about the steps it will be taking on this issue.