December 06, 2017

FCA announced the list of firms that were successful in their applications to begin testing in the third cohort of the regulatory sandbox. FCA is also accepting applications from firms to be part of its fourth sandbox phase, the deadline for which is January 31, 2018.

Out of the 61 submissions received for the third phase of the regulatory sandbox, 18 applications met the sandbox eligibility criteria and were accepted to develop toward testing. Accepted propositions cover a range of areas, including blockchain-based payment services, regtech propositions, general insurance, Anti-Money Laundering controls, and biometric digital ID and Know Your Customer (KYC) verification. 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.

 

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Keywords: Europe, UK, Banking, Insurance, Securities, Regulatory Sandbox, Regtech, Fintech, FCA



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