The FCA has announced plans to expand Project Innovate by implementing a Regulatory Sandbox. The FCA developed Project Innovate to support businesses developing new products and services that would genuinely benefit consumers and encourage competition and growth within financial services. A Regulatory Sandbox seeks to extend this project and is essentially a ‘safe space’ in which businesses can test innovative products, services, business models and delivery mechanisms.
The Regulatory Sandbox report sets out how it will be implemented and proposals for collaborative working in the future. The FCA intend to open the Regulatory Sandbox in Spring 2016 and seeks input from stakeholders.