FCA Sandbox Authorisation
- Posted on: 4 June 2018
In a recent project, Compliancy Services supported a FinTech bank that use's blockchain technology to enable global payments. Their technology and security had already been tested and approved by some European regulators for use under the eMoney directive, but they were now looking to set up in the UK so had to gain approval from the Financial Conduct Authority. We helped them become one of only 24 firms approved into the Financial Conduct Authority (FCA) Sandbox and then to become one of the first of these firms to be fully authorised.
Speed to market was a priority for the firm so they needed to get through the FCA Sandbox testing quickly and efficiently. This required the development of compliance policies and procedures which in some areas would be ground-breaking as they would become one of the first FinTech firms using blockchain technology to be authorised by the FCA. These were the very reasons for appointing Compliancy Services. With our strength in the Banking, Payment Services and FinTech sectors we were able to provide a highly skilled team with market leading expertise. This meant we were able to promptly resolve questions as they were raised by the FCA, which included ‘safeguarding’ and the firm securing an appropriate bank account.
By partnering with Compliancy Services, the firm were able to achieve an accelerated authorisation allowing them to become one of the first to the UK market with their new blockchain based proposition.