On 2 September 2020, the Financial Conduct Authority (FCA) launched a new webpage updating market participants on the pilot of its “digital sandbox” and recent DataSprint.

The FCA notes that its latest DataSprint, held in July and August 2020, enabled 120 market participants from multiple sectors and disciplines to collaborate to develop data models and typologies, critically evaluate methodologies and produce reliable reference data to fuel future sandbox testing.

The focus of the digital sandbox at present is to enable firms to test and develop innovative solutions to challenges arising due to the Covid-19 pandemic, including fraud and scams; handling vulnerable customers; and enhancing access to financial services for small and medium-sized enterprises.

The FCA will be opening applications for participation in the digital sandbox in the coming few weeks.