The British financial regulator is planning to launch a new oversight program they refer to a “regulatory nursery” initiative so they can oversee closely recently licensed Forex companies and other financial entities. The FCA director, Nikhil Rathi recently revealed that information while presenting at FinTech.
That initiative will be facilitated by former payments fintech Worldpay CEO Ron Kalifa, who helped the FCA through offering recommendations in a blueprint that scaled tech industry in the United Kingdom.
According to Rathi, the FCA will allow Sandbox applications all year round. The FCA Sandbox provides innovative businesses to test fintech services and products in the real market.
Don’t they monitor companies closely anyway?