This paper describes the design and modelling of a new variable stiffness actuator (CompAct-VSA). The principle of operation of CompAct-VSA is based on a lever arm mechanism with a continuously regulated pivot point. The proposed concept allows for the development of an actuation unit with a wide range of stiffness and a fast stiffness regulation response. The implementation of the actuator makes use of a cam shaped lever arm with a variable pivot axis actuated by a rack and pinion transmission system. This realization results in a highly integrated and modular assembly. Size and weight are indeed an open issue in the VSAs design, which ultimately limit their implementation in multi-dof robotic systems. The paper introduces the mechanics, the principle of operation and the model of the actuator. Preliminary results are presented to demonstrate the fast stiffness regulation response and the wide range of stiffness achieved by the proposed CompAct-VSA design.