The regulatory sandbox allows businesses to test innovative products, services, business models and delivery mechanisms in the real market, with real consumers.
The sandbox is open to authorised firms, unauthorised firms that require authorisation and technology businesses. The sandbox seeks to provide firms with:
- the ability to test products and services in a controlled environment
- reduced time-to-market at potentially lower cost
- support in identifying appropriate consumer protection safeguards to build into new products and services
- better access to finance
The sandbox also offers tools such as restricted authorisation, individual guidance, informal steers, waivers and no enforcement action letters.
We closely oversee tests using a customised regulatory environment for each test – including safeguards for consumers.
Sandbox tests are expected to have a clear objective (eg reducing costs to consumers) and to be conducted on a small scale, so firms will test their innovation for limited duration with a limited number of customers.
In October 2017 we published a regulatory sandbox lessons learned report which reflects on insights and lessons learned from testing since the regulatory sandbox launched in June 2016.
Sandbox cohort 3: the firms accepted into sandbox cohort 3 were announced on 5th December 2017.
If you have any questions about the sandbox, email [email protected] or call 020 7066 4488 and someone will be able to help you.