Direct Support provides a support contact for businesses launching innovative services or products. This service helps businesses understand our regulations, navigate our processes, ensure our regulation keeps pace with innovation, and creates innovation-friendly rules.
The Advice Unit helps firms by offering regulatory feedback on automated advice or guidance models within the investment, pension, protection, mortgage, general insurance and debt sectors.
TechSprints - also known as ‘hackathons’ - are events that allow us to gather participants from across the financial services industry and beyond to develop ideas and discuss challenges. Participants include large financial services institutions, RegTechs, FinTechs, academics, technologists and innovators.
The Digital Sandbox provides successful applicants with access to a range of high-quality synthetic data assets to test and develop their propositions. It was launched to support products and services at earlier stages of development.
It also provides a focused ecosystem to accelerate early-stage development, through access to a range of industry mentors and demonstration opportunities.
The Digital Sandbox currently operates as a cohort model. The pilot cohort focused on 3 use cases that had been exacerbated by the coronavirus (Covid-19) pandemic: preventing fraud and scams, consumer vulnerability, and access to finance for small businesses.
The regulatory sandbox helps businesses test propositions with real customers. Firms can test products and services within controlled environments, supporting the identification of consumer protection safeguards into products and services. All applications to the sandbox are assessed against the same eligibility criteria.
The Global Financial Innovation Network (GFIN) is a network of over 70 organisations committed to supporting financial innovation in the best interest of consumers. GFIN helps to find a more innovative way for firms to interact with regulators globally.
One of the ways GFIN seeks to achieve this is by developing a cross-border testing framework, known as the ‘global sandbox’. Cross-border testing is an environment for firms to test and scale innovative propositions, business models and technologies across multiple jurisdictions at the same time.
The GFIN cross-border testing initiative is run on a cohort basis. Firms wishing to test their propositions across jurisdictions can apply during the application period through the GFIN website using a single-entry application form which will be submitted to the selected regulators. The evaluation criteria depends on the requirements of the relevant regulators in the jurisdictions that firms apply to. Our requirements for the GFIN cross-border testing are identical to those for our regulatory sandbox.
We are committed to exploring ways in which our approach to regulation can be evolved and enhanced to allow for innovative firms of all sizes to scale and grow for the benefit of markets, firms and consumers.
We plan to organise a number of industry engagement events, such as roundtables and workshops, to help further develop thinking on key priority fintech areas and ways in which practical and productive collaboration nationally and regionally can take place at scale.
Our engagement with industry will also highlight and inform the demand and need for support from firms in the growth phase, with a view of sharing knowledge, skills and expertise for all firms through scalable insights.