The FCA has announced that its regulatory sandbox is now open for applications.
The regulatory sandbox is an important part of Project Innovate, an FCA initiative that started last October which is designed to encourage innovation in the interests of consumers and promote competition through disruptive innovation.
The regulatory sandbox offers a range of options for eligible firms:
- a tailored authorisation process (restricted authorisation) for new firms in the testing phase; and
- individual guidance for firms testing ideas that do not easily fit into the existing regulatory framework and in some cases waivers or no enforcement action letters.
Firms have until 8 July 2016 to apply to be in the first cohort of the sandbox.
Our earlier blog entry on regulatory sandbox eligibility and testing documents can be found here.
View FCA’s regulatory sandbox opens to applications, 9 May 2016