The FCA looks to support innovation within the industry through the regulatory sandbox

LightbulbThe FCA is aiming to create a ‘safe space’ to allow firms to test innovative products, services, business models and delivery mechanisms. The regulatory sandbox will enable these
innovative processes to be tested in a live environment without immediately incurring all the normal regulatory consequences of engaging
in the activity in question.

Who is the sandbox for?

The FCA has outlined the following types of firms that it feels may find the sandbox to be of use

  • Unauthorised Businesses (Except firms looking for a banking license. These should not use the sandbox and should instead visit the FCA and PRA’s joint New Bank Start-up Unit)
  • Authorised Business
  • Technology business supporting financial services

The closing date for submitting applications, to be involved in the first cohort, is the 8th July 2016. The application period for the second cohort will be from November to mid-January (exact dates yet to be given).

If this has caught your attention and could be something you are interested in please visit the FCA website for full details and updates. There you will be able to find the appropriate Eligibility Criteria & Application form.