The fifth cohort of firms to join the Financial Conduct Authority's (FCA) so-called 'regulatory sandbox' has been revealed, with some particularly interesting entrants for financial advisers.
The regulator received 99 applicants to join its regulatory sandbox programme, which allows firms to test their ideas and innovations on consumers in a safe haven without fear the regulator will pursue or punish them if something goes wrong, but only 29 were accepted. Some 128 firms have now entered the sandbox, including the likes of Standard Life's advice arm 1825, which entered the last cohort in July 2018, and the banking giant Nationwide. Both the advice arm and the bank are developing automated advice services. Out of the latest 29 firms to enter the sandbox, however, we have p...
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