The Financial Conduct Authority has won praise around the world with a so-called sandbox, where UK fintech companies can test products with temporary authorisation. Now, it's being widely copied and there are plans to start a global sandbox. It has even caught the eye of major players, with Microsoft urging the US regulator to be more like its UK counterpart. counterpart. But should we be worried that the twin forces of big tech and banking are now praising the body that is their watchdog?