The Financial Conduct Authority has said that its FinTech sandbox is now ‘always open’.
In Brief:
The regulator has said instead of welcoming cohorts, it will now open up its regulatory sandbox to FinTechs all the time.
FCA Innovate says firms can apply to test their products any time that’s right for them.
It has also launched an easier-to-use online application form and guide.
What does this mean?
The FCA hopes to make faster decisions on applications to the sandbox, as part of an aim to focus on applicants launching products and services to help with the impact of Covid-19 – as well as firms led by underrepresented groups.
