Barclays is one of 18 companies to have been added to the Financial Conduct Authority's virtual environment for testing new products before taking them to market — but fund managers remain conspicuous by their absence.

The so-called sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring "appropriate protections are in place". It is part of Project Innovate, which the FCA launched in 2014 to promote innovation and competition in the interest of consumers.