FCA Launch Their Regulatory Sandbox
FCA Project Innovate's Regulatory Sandbox now up and running
The Financial Conduct Authority (FCA), yesterday opened its regulatory sandbox to applications from industry. The sandbox offers companies a ‘safe space’ to test new capabilities and innovative business models while ensuring consumers are adequately protected.
In the past, market entrants have found it difficult to both understand regulatory requirements and implement them with enough speed to enter the market, given they are faced with scarce resources. The launch of the sandbox will appreciably lower market barriers to entry and will provide a better engagement model for all firms needing to engage with regulations. The sandbox can offer firms a tailored authorisation process for those in the testing phase; guidance for firms testing products that do not fit existing regulation and in some cases waivers and no enforcement action letters.
The launch of the sandbox follows the creation of the FCA’s Innovation Hub in October 2014, which has been tasked with facilitating the regulatory journey for both new and established firms with innovative business models in the financial services sector.
Tracey McDermott, Acting Chief Executive of the FCA, stated:
'Supporting innovation is an essential part of our role in promoting competition in the interests of consumers.
'Our aspiration is that the sandbox not only enables innovative ideas to be tested and brought to market, but also helps to reduce the time and the cost of getting them there.'
Applications to join the first cohort of the regulatory sandbox close on 8th of July 2016.
techUK members will recieve a demonstration of the sandbox capability from Helen Ginter of FCA Project Innovate, on 7 June 2016.
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