Central Banking

FCA regulatory sandbox success paves way for new firms to enter

Financial Conduct Authority

The UK’s Financial Conduct Authority (FCA) has announced 24 firms made it through to the testing stage in the second phase of its regulatory sandbox.

In an update from the regulator published June 15, it is revealed 31 applications met the sandbox’s eligibility criteria out of 77 submissions, but only 24 are ready to begin testing.

“Tests will be conducted on a short-term and small-scale basis,” the FCA says, stating it worked with firms to agree testing parameters, building in consumer safegu