The Financial Conduct Authority will make its Digital Sandbox fintech initiative permanent from 1 August and open it up to all firms.

The Financial Conduct Authority has received more than 600 applications to its regulatory sandbox since its launch in 2016.

The FCA is to hold a tech-focused Innovation Day at its London HQ in July to showcase what it is doing to nurture new financial technology developments.

FCA chief executive Nikhil Rathi has pledged to adopt a tougher approach for the regulator in a speech at the Lord Mayor’s City Banquet at Mansion House last night.