Financial Services Regulation Committee — hearing of 11 November 2026: transcript & video · Polyfact

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Financial Services Regulation Committee

11 November 2026

Contents updated at 10:24

The Chair opens the fifth oral session of the inquiry into regulatory sandboxes, explains the public and recorded nature of the hearing, and invites witnesses Michael Moore, Andrew Henderson and Leo Ringer to introduce themselves and their roles in private capital, legal practice and venture funding.

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Opening of inquiry and witnesses’ initial views

00:00

Opening, witness introductions and inquiry focus

00:00

Initial assessments of sandboxes and UK competitiveness

02:03

Investor perspective — fintech authorisation risk and sandbox signalling

06:33

Fintech critiques, incumbents’ use and alternative FCA routes

08:58

Critiques from fintechs — incumbents’ use and cost–benefit

08:58

Alternative FCA routes and sandbox ‘maturity’

13:42

Regulators’ incentives, growth mandate and sandbox purpose

17:35

Regulators’ incentives, tolerable risk and growth mandate

17:35

Defining ‘tolerable risk’ and cover for regulators

20:18

Is the sandbox duplicating authorisation or enabling rule change?

22:13

Example of blockchain securities and policy influence

28:33

Shift to thematic sandboxes, wider innovation tools and UK competitiveness

31:34

From cohorts to thematic sandboxes and proliferation

31:34

Committee focus broadens beyond sandboxes

34:04

Overuse of ‘sandbox’ label and UK competitiveness

35:34

Regulatory engagement model, authorisation pathway and innovation creation

39:28

Dr Henderson: why firms seek advice and US–UK contrast

39:28

Sandbox as learner’s licence and authorisation hurdle

43:45

Do sandboxes actually create innovation?

45:12

Regulatory clarity, legal complexity and barriers to innovation

49:01

Foundational vs applied regulation and capital attraction

49:01

Complexity, bureaucracy and rethinking sandbox purposes

50:51

Evidence of sandbox‑driven rule changes and call for clearer regimes

54:13

Kudos of sandbox participation and three blockers to innovation

57:17

International models, UK scale‑up gap and closing remarks

01:02:10

Learning from Estonia, Singapore and other centres

01:02:10

UK scale‑up gap and dependence on US capital; session close

01:06:18

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Financial Services Regulation Committee

11 November 2026

Financial Services Regulation Committee Wed, 11 Nov 2026 House of Lords

Follow its sittings

00:00 - 00:36

Speaker 6

Welcome to today's meeting, which is the fifth oral session as part of the committee's inquiry into regulatory sandboxes. And I'd like to thank you, Mr. Moore, Mr. Henderson, Mr. Ringer, for attending this evidence session. The session is open to the public and it's broadcast live and is subsequently accessible via the parliamentary website. A verbatim transcript will be taken of the evidence, which will also be put on the parliamentary website. So could I ask you briefly to introduce yourselves for the record and then we will move into questions?

00:36 - 00:39

Speaker 2

So, start with, Mr. Ringer?

00:39 - 00:52

Speaker 5

Good afternoon, thank you for having us. My name is Leo Ringer. I founded and run a venture capital fund called Form. We invest at the very early stage in startups in regulated markets, including in financial services.

00:52 - 01:02

Speaker 4

I'm Michael Moore, chief executive of UK Private Capital. We are the trade body for venture capital firms, private equity firms, and private credit firms.

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House of Lords

Read the full session, transcribed live

Try it free, or come back on 26 November: the transcript will be public.

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Every video is free to watch, live and on replay, no account needed.

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