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The FCA's Christopher Woolard has announced more details of how the much-heralded Regulatory Sandbox will work. The Sandbox, which will be a testing space for new innovator firms, opens on 9 May and will offer:
Mr Woolard advised that the Sandbox would:
Mr Woolard also announced that the FCA would be welcoming proposals for industry-led sandboxes to operate alongside the FCA's. The announcements were well-received by the audience at the Innovate Finance Global Summit, where opinion seemed unanimous that the UK's regulator is the world leader in its approach to fintech. However, there were reservations from EY's Imran Gulamhuseinwala, whose team authored the EY report on London's fintech ecosystem. He raised concerns about whether a progressive approach has been adopted across the FCA, beyond its Project Innovate team, and whether the regulator has the resources it needs to provide the regulatory solutions it plans for fintech firms.
The Federation of Small Businesses (FSB) has released a report setting out the impact of new and changing regulations arising from the pandemic on small businesses across the UK.
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As has been widely reported this week, some 3,000 UK workers are taking part in a six month trial to assess the viability of a four-day working week without any reduction in their normal pay.
The new regime introduced by the Act will take shape over the next 18 months, but those who design, build or manage high rise buildings are being urged to get ready for the changes to be introduced through the act.
In March the government proposed a number of changes to the Building Safety Bill. The new amendments propose additional protection for leaseholders to prevent them from being charged for cladding work if they own up to three properties.
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