Financial Conduct Authority  

FCA chief warns social media firms on risky investments

The sandbox will shortly begin allowing year-round applications from firms.

Its separate digital sandbox, which launched in November last year to provide support to firms looking to tackle fraud and scams, vulnerability and lending to small and medium-sized businesses, will now be refined.

Working in partnership with the Corporation of the City of London, the digital sandbox will soon focus specifically on sustainability, Rathi said.

To this end the FCA yesterday appointed Sacha Sadan as director of environmental, social and governance.

Sadan will join in the summer and will focus on accelerating the regulator’s work to encourage the development of a green, sustainable investment market.

Sadan’s appointment comes at a time of transformation for the FCA. Other new hires include Jessica Rusu joining as chief data, information and intelligence officer, who joins the regulator from a fintech firm.

Supporting Rusu's work on the FCA intelligence function will be Ian Phoenix, who previously led the NHS’s digital response to Covid.

Rathi added: “To meet our objectives over the long term requires us not only to improve our structure, technology and data analytics capabilities, but also to adapt our culture and our risk appetite, and for us to take innovative advantage of our powers.”