The FCA Sandbox is open to authorised firms, unauthorised firms that require authorisation and technology businesses and you have until 30 November 2018 to apply for cohort 5. The Sandbox provides firms with the ability to:
- Test products and services in a controlled environment
- Reduce time-to-market at potentially lower cost
- Identify appropriate consumer protection safeguards to build into new products and services
FCA Sandbox users are expected to have clear objectives and to be able to conduct testing on a small scale, for a limited duration with a limited number of customers.
Compliancy Services can help firms prepare their application to enter a FCA Sandbox cohort and help them navigate through to successful authorisation. Being part of the FCA’s Innovation Hub and/or regulatory sandbox cohort has been the start of the regulatory compliance journey for many fintech firms. From our experience helping firms through the sandbox and innovation hub, we know the importance of agreeing testing controls and developing robust compliance policies and procedures which are often ground-breaking.