FCA to support RegTech solutions through new digital sandbox

November 08, 2019 | RegTech

Written by FinTech Alliance

FCA to support RegTech solutions through new digital sandbox

UK regulator wants to help awake sleeping giant of the financial sector

In Brief:

  • Director of innovation at the FCA, Nick Cook says RegTech currently is a "key underserviced area" of the FCA's Sandbox.
  • The Sandbox launched five years ago. Around 700 firms have used the Sanbox services and, of the 47 firms that have completed sandbox testing.
  • Investment in RegTech more than doubled between 2017 and 2018 to £3,447.7 million.

What this means

FCA is acting on feedback from RegTechs that a key struggle they face is being able to demonstrate that their solution not only works, but may provide a more efficient and effective way of doing things.

Read more here
 

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