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:
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.
Christopher Woolard, FCA executive director of strategy and competition said: “The creation of the Global Financial Innovation Network is an important next step for organisations like ours who are actively engaged in understanding and harnessing the benefits of innovation in financial services for consumers, while managing the potential harm.
“The establishment of the Global Financial Innovation Network can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.”