You may require a license in the early stages of your business. However, if your business utilises an innovative idea, then you may be able to have a regulator accept it within a ‘Sandbox’ environment to prevent it falling outside the legal definitions of regulated products.
If you need assistance in managing the dialogue with the regulator, we can ensure a first-rate service as we have achieved no-action letters from regulators for their fintech businesses, and have worked with fintech companies that have accessed sandboxes.
When your business innovates a new product, we can provide a concept analysis service assessing how it may be interpreted by regulators, so that you can be sure to know how it will be defined under the law.
For existing regulated institutions, your priority should be ensuring your continued compliance. This can involve supervising internal controls in the business, incident and risk management and reporting.
We provide support for such institutions in either an in-house, or remote, environment.
