FCA has announced a pilot of a digital sandbox to give support to innovative firms that are tackling challenges caused by Covid-19. It is asking for expressions of interest before opening applications later in the summer.
FCA says it had been exploring the concept of a digital sandbox before the pandemic and is now accelerating these plans so it can pilot aspects of them soon.
FCA has found that data access and standardisation are a challenge for many firms and it receives requests for support from firms that do not necessarily fit its sandbox criteria. It is looking at providing access to high-quality data assets, a collaboration platform and observation deck and an API or vendor market place together with regulatory support and identification of regulatory interest where innovation could play a greater role.