The Financial Conduct Authority (FCA) has opened its regulatory sandbox to firms, offering a ‘safe space’ where businesses can test innovative products, services, business models and delivery mechanisms while ensuring that consumers are appropriately protected.
Part of Project Innovate, which launched in October 2014, the sandbox is designed to help encourage innovation in the interests of consumers and promote competition through disruptive innovation. The sandbox will offer a tailored authorisation process for new firms in the testing phase, as well as individual guidance for firms testing ideas that do not easily fit into the existing regulatory framework.
Tracey McDermott, acting chief executive at the FCA, noted: “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, but also helps to reduce the time and the cost of getting them there.”
Businesses have until 8 July 2016 to apply to be in the first sandbox group.
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