The Financial Conduct Authority (FCA) has formally announced that it is developing a ‘regulatory sandbox' which is a project designed to help financial services organisations test innovation with a reduced regulatory burden. Tracey McDermott, FCA acting CEO, explained: "The impact of technology is one of the fastest-evolving of this year's priority themes. In particular, the potential of technology to improve not only how products and services are designed, but also how they are distributed."