The Financial Conduct Authority has collaborated with The City of London to pilot a digital sandbox in a bid to help firms tackle challenges caused by the pandemic.
A total of 30 organisations will take part in the pilot sandbox in which they will try to find and develop innovative solutions to fraud and scams, vulnerability, and SME lending. In terms of vulnerability, the FCA wants the firms taking part to explore how advanced analytics can be better used to identify and manage the risk a customer may be vulnerable or about to transition into a state of vulnerability. It also asks whether participating firms can better improve debt advice offered to vulnerable clients. In terms of fraud and scams, the sandbox asks whether financial firms can bet...
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