Northern FinTech’s encouraged to apply to FCA’s regulatory sandbox
The FCA is now taking applications from businesses to join the latest sandbox cohort. The regulatory sandbox allows businesses to test innovative propositions in the market with real consumers. We encourage Northern UK FinTechs to apply for cohort 6 before the deadline on 31 December 2019.
The FCA provide a range of tools to sandbox firms to help facilitate their test. Tools are not always needed and their value will depend on the nature of each business and their test.
The sandbox is open to authorised firms, unauthorised firms that require authorisation and technology businesses that are looking to deliver innovation in the UK financial services market. All applications will be assessed against our eligibility criteria which are set out below.
The FCA are particularly interested in receiving applications from firms with propositions that:
- make finance work for everyone – by addressing issues around access, exclusion and vulnerability
- support the UK in the move to a greener economy – by responding to the challenges posed by climate change
- use technology to overcome regulatory challenges – by helping regulated firms comply with their obligations
The FCA have also identified 2 specific technology areas where we would like to see more innovation and testing. They welcome applications from firms using:
- federated learning and travelling algorithms
- complex scenario modelling and simulation