A boost for firms seeking authorisation or launching innovative products

As part of its ambition to champion growth and innovation, the FCA has announced a range of initiatives to support a more competitive, productive and innovative financial services industry.

Sandbox improvements

The Regulatory Sandbox, which launched in 2016, offers firms the opportunity to safely trial products live in the market with real consumers.   To further support firms in the Sandbox, the FCA will now provide each firm with a dedicated authorisations case officer to assist with development and testing.

Pre-authorisation support

The FCA has also extended its pre-application support service to more sectors. Now all wholesale, payments, and cryptoasset firms seeking authorisation will be eligible – a move that is set to benefit new entrants in these sectors significantly.

This is particularly welcome news as the ability to request a pre-application meeting with FCA case officers means these firms can discuss their plans and pose any questions to the regulator before applying for registration or authorisation. The insights gained from this can be particularly advantageous for firms trialling new business models or different ways of delivering services.

These developments are part of the way the FCA is looking to demonstrate its commitment to being the pro-growth, pro-innovation regulator that was recently outlined in its 5 year strategy.  The extra support on offer is designed to make it easier for the right firms to get authorised and to enable more innovative products to make it to market faster.

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Adempi helps firms prepare for FCA authorisation, offering everything from application support, liaising with the FCA and training staff to prepare them for being regulated. If you’re thinking about becoming FCA authorised, we’d be delighted to have an initial discussion with you. If you would like an initial conversation, do get in touch by phone or by email.