The FCA’s sandbox is a ‘safe space’ in which businesses can test products, services, business models and delivery mechanisms while ensuring that consumers are appropriately protected.
The sandbox is part of Project Innovate, an initiative kicked off in October 2014, to help the FCA encourage innovation in the interests of consumers and promote competition through disruptive innovation.
Tracey McDermott, acting chief executive at the FCA, said: “Supporting innovation is an essential part of our role in promoting competition in the interests of consumers.
“Our aspiration is that the sandbox not only enables innovative ideas to be tested and brought to market, but also helps to reduce the time and the cost of getting them there.”
Firms have until 8 July to apply to be in the first cohort of the sandbox.