Context
In an update to their Regulatory Sandbox webpage, the FCA have confirmed that the Sandbox will now be open year-round for firms.
Key points to note
- The regulatory sandbox provides firms with access to regulatory expertise and a set of tools to facilitate pre-launch testing of products and services in a controlled environment, reducing time-to-market and at potentially lower cost.
- It aids in identifying appropriate consumer protection safeguards for firms to build into new products and services and provides better access to finance.
- The sandbox is for authorised firms, technology businesses, as well unauthorised firms that require authorisation, to deliver innovation within the UK financial services market
- The sandbox, which previously operated on a cohort basis and restricted applications to specific dates in the year, is now available for applications throughout the year.
Next actions
None – for information and awareness.