The Financial Conduct Authority (FCA) has teamed up with 11 other regulators to form a “global sandbox”, where new ideas can be tested and adapted.
The network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
The collaborative effort, involving regulators from around the world, is also today launching a consultation on the role the Global Financial Innovation Network should play in delivering its objectives, including the tools it will use.
The consultation sets out the three main functions of the Global Financial Innovation Network as:
Acting as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
- Providing a forum for joint policy work and discussions; and
- Providing firms with an environment in which to trial cross-border solutions.
- As part of the consultation, the group is seeking views on the mission statement for the network, its proposed functions, and where it should prioritise activity.
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