FCA updates on sandbox use

FCA has published a list of firms who it allowed to begin testing new products in its regulatory sandbox. It received 69 applications in its first wave, of which it accepted 24. Successful applicants range from the largest banks to early-stage start up firms. The products being tested include e-money and payment services, a semi-automated advice tool, and specialised and generalised investment platforms. Firms can apply to be included in the second sandbox cohort between 21 November and 19 January next year, with a view to being ready to begin testing in May 2017.