FCA Innovation explainer video

The Financial Conduct Authority (FCA) has published a first video to provide information to UK financial market firms on the options they have as regards the testing of innovative products and services or as regards the evaluation of such products and services in terms of applicable regulatory requirements.
Specifically, the video briefly describes the pro-innovation support the FCA offers to firms of all sizes, including the following:
(1) Innovation Pathways: This service assists firms in understanding how regulations apply to their innovative propositions. Eligible firms are assigned an FCA case manager who provides assistance to firms in clarifying regulations and regulatory expectations, providing guidance in gray areas, and organizing pre-authorization meetings. A further explainer video in this context will be announced in due course.
(2) Regulatory Sandbox: For firms with a minimum viable product wanting to test their offerings in the market, the Sandbox allows real customer testing. A case manager helps develop a testing plan, and restricted authorizations can be facilitated. The Sandbox is open not only to startups, but also to authorized firms seeking to try new products and to tech companies seeking to provide innovative products and services to regulated firms. Please also refer to EventID 22515 for more information on a dedicated explainer video that was also published by the FCA.
(3) Digital Sandbox: Supporting early-stage product development, this service offers access to financial data to validate product and services concepts. It provides data protection rule-compliant datasets in a secure online environment, enabling collaboration with other FinTechs for experimentation and scaling. Please also refer to EventID 22528 for more information on a dedicated explainer video that was also published by the FCA.
More information on the FCA’s innovation services offered to firms may be found here.