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July 04, 2018

FCA announced the list of 29 firms that were successful in their applications to begin testing in the fourth cohort of the regulatory sandbox. FCA received 69 applications to cohort four of the regulatory sandbox, representing an increase over the 61 applications received to cohort three.

As with the previous cohorts, FCA continues to see successful applications from a diverse range of sectors, locations, and firm sizes. Areas covered include consumer credit, automated advice, and travel insurance. Five large firm tests will be conducted in cohort four; the largest number to date. Over 40% of companies accepted to cohort four are using distributed ledger technology (DLT). Of these, six are using DLT to automate the issuance of debt or equity. Two are using DLT to support the provision of insurance. Other technology applied includes geo-location technology, use of Application Programming Interfaces (APIs), and artificial intelligence. FCA has accepted a small number of firms that will be testing propositions related to cryptoassets. 

Names of participating firms have been made available, except the name of one firm that has asked not to be named at this point. 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. The application window for cohort five of the regulatory sandbox will open later this year.

 

Related Link: Press Release

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

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