Applications for the latest cohort of the FCA’s regulatory sandbox are now open.
The sandbox allows businesses to test innovative propositions in the market with real consumers.
The scheme is open to authorised firms, unauthorised firms that require authorisation and technology businesses.
The sandbox seeks to provide firms with:
• the ability to test products and services in a controlled environment • reduced time-to-market at potentially lower cost • support in identifying appropriate consumer protection safeguards to build into new products and services • better access to finance
It also offers tools such as restricted authorisation, individual guidance, informal steers, waivers and no enforcement action letters.
An FCA statement on the sandbox read: “We closely oversee tests using a customised regulatory environment for each test – including safeguards for consumers.
“Sandbox tests are expected to have a clear objective (e.g. reducing costs to consumers) and to be conducted on a small scale, so firms will test their innovation for limited duration with a limited number of customers.”
Applications to cohort 5 of the sandbox are now open.
Promote your vacancy to thousands of professionals on Financial Planning Jobs
Our specialist jobs service Financial Planning Jobs can help you reach nearly 12,000 financial professionals. You can set up an Employer Profile and post your job the same day on Financial Planning Jobs (terms apply). Dozens of Financial Planning and Paraplanning firms have used our affordable service to recruit new talent.