Trying things in a ‘sandbox’ is not as daft as it sounds
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Your support makes all the difference.“Sandboxing” is a silly name for what could be a sensible idea on the part of Britain’s chief financial watchdog. The aim is to allow firms to “test” new products without getting hammered if things go horribly wrong. They’d do this by putting them in a regulatory (ahem) sandbox. The same could apply to new businesses wanting to try out ideas before getting authorised.
The idea was born out of the mandate to promote competition imposed upon the FCA when it was created by George Osborne. Companies taking part will probably have to accept that they’ll need to compensate people who take a punt on their new offerings if things go wrong, while consumers will have to accept that they’re taking something of a leap of faith.
However, if such ground rules can be established, then why not? Not only could the process make things quicker, it has the potential to expose flaws and highlight issues that need addressing before products and services are released to the wider market.
Communication between the regulator and the firms it oversees hasn’t always been what it might be and this could help improve that by creating a closer relationship. Just as long as it’s not too close.
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