In an update to its Regulatory Sandbox webpage the FCA have confirmed that the Sandbox will now be open year-round for firms.
The sandbox is for authorised firms, unauthorised firms that require authorisation, and technology businesses that are looking to deliver innovation within the UK financial services market; permitting firms to test products and services in a controlled environment, reducing time-to-market and potentially lowering the associated costs.
The regulatory sandbox provides firms with access to regulatory expertise and a set of tools to facilitate pre-launch testing with a limited number of real consumers.
It supports firms with identifying appropriate consumer protection safeguards to build into new products and services and looks to provide firms with better access to finance.
The FCA is hoping that encouraging firm’s innovation in this way may lead to improved outcomes for customers through lower costs and more effective competition.
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.
For more information on this story go to the FCA Regulatory Sandbox webpage.