The FCA will allow businesses to test innovative financial products, services and business models without facing all of the usual regulatory consequences.
The so-called “regulatory sandbox” will be available to firms that do not yet have FCA authorisation, as well as those that do.
It is proposed that authorised firms will be shielded from enforcement action in relation to their testing activities.
Safeguards for consumers will be agreed on a case-by-case basis and the unit will be open to proposals from spring 2016.
