FCA

FCA to consider options for global sandbox




The FCA has said it is working with partners from around the world to consider options for a global sandbox.

In a speech by Christopher Woolard, executive director of strategy and competition at the FCA – delivered at Innovate Finance 2018 – it was reported that, through its sandbox, the regulator received 30 applications from international firms and had gone on to support 11 of them.

The FCA has also signed 10 cooperation agreements with eight different jurisdictions over the last few years to share market trends, collaborate on projects and refer innovative firms.

Last month, the regulator invited stakeholders to share their views on what a global sandbox could look like. 

Respondents said that they would like to see the US included as well as South America, Australia, Hong Kong, Singapore, Europe, South Africa and Kenya.

Ideas for the global sandbox included a ‘global dictionary’ on the data needs in different countries, a joint mission statement from participating regulators and a ‘college of regulators’.

Christopher said: “Such a project represents new territory.

“Breaking new ground requires an element of risk, not something, as I’ve said, that regulators are generally comfortable with.

“But our whole history with Innovate has been about doing things that regulators historically haven’t done.

“To face those risks, we have to ensure we have the right controls, all the while bearing in mind the risk of not acting.

“So, we’re up for the challenge.”

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