Application windows open for FCA innovative sandboxes

Regulatory Updates | 05/10/20

The Financial Conduct Authority (FCA) has issued a press release stating that the application windows are open for two ‘sandbox’ services to support innovative firms tackling challenges caused by the coronavirus pandemic. Applications for cohort 7 of the existing FCA Sandbox are open to authorised and unauthorised firms, as well as technology businesses that are looking to deliver innovation in the UK financial services market, until 31 December 2020. In this cohort the FCA invites applications in particular from firms developing businesses, products or services intended to: detect and prevent fraud and scams; support the financial resilience of vulnerable customers; and improve access to finance for SMEs. Applications for the new Digital Sandbox Pilot are open until 30 October 2020. The FCA will confirm successful applicants and give access to the digital sandbox in early November 2020.