FCA Announces List of Firms for Fifth Cohort of Regulatory Sandbox
FCA announced the list of 29 firms that were successful in their applications to begin testing in the fifth cohort of the regulatory sandbox. FCA received 99 applications to cohort five of the regulatory sandbox, this being the largest number of applications FCA has received to date. Some of the selected firms are Barclays, Fractal, Bó, Fractal, London Stock Exchange Group, and Standard Chartered Bank.
Applications came from firms operating in the UK and overseas. The majority of applications came from firms looking to operate in the wholesale and retail banking sectors. Examples of propositions that have been accepted include digital identity solutions, platforms which tokenize issuance of financial instruments, and services aimed at facilitating greater access to financial services for vulnerable consumers. Tests will be conducted on a short-term and small-scale basis. FCA work closely with each firm to agree testing parameters and build in appropriate consumer safeguards.
Names of participating firms and their project descriptions have been made available. The sandbox permits firms to test innovative products, services, or business models in a live market environment with real consumers, while ensuring that appropriate protections are in place. It is part of Innovate, an initiative that kicked off in 2014 to promote competition in the interest of consumers.
Related Link: Press Release
Keywords: Europe, UK, Banking, Insurance, Securities, Fintech, Regtech, Cohort 5, Regulatory Sandbox, Innovate Finance, DLT, FCA
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