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October 22nd 2017, Sunday
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I want to find the weather for in .

FCA Sandbox

Posted by admin on 5th July 2017

The FCA has recently opened up their next round of applications for FinTech companies that wish to work within their regulator sandbox. The FCA’s Innovation Hub has recently announced the list of firms that were successful in their applications to begin testing in the second cohort of the regulatory sandbox. Applications for cohort three is now open, closing on 31 July 2017 (see below for further details).I wanted to make you aware that the FCA has recently opened up their next round of applications for FinTech companies that wish to work within their regulator sandbox. The FCA’s Innovation Hub has recently announced the list of firms that were successful in their applications to begin testing in the second cohort of the regulatory sandbox. Applications for cohort three is now open, closing on 31 July 2017 (see below for further details).

Cohort 2

• The FCA received 77 submissions for the second phase of the regulatory sandbox, more than applied for cohort one. • 31 applications met the sandbox eligibility criteria and were accepted to develop towards testing. • The current cohort consists of the 24 firms that are ready to begin testing shortly. • Tests will be conducted on a short-term and small-scale basis and the FCA has worked with the sandbox firms to agree testing parameters, building in consumer safeguards. • In addition to the firms below, seven firms were not ready to begin testing and may be part of cohort three.• The range of firms testing in the second cohort is diverse, covering a variety of sectors including wholesale, general insurance, payments, retail banking and retail lending. • The tests cover a range of ideas including distributed ledger technology based payment services and artificial intelligence software to observe client behaviour and better determine client preferences before financial advice is given.

Update on cohort 1

• 24 firms were accepted out of 69 applications and 18 firms had testing plans approved in October 2016. • The six month testing window has now closed and firms are submitting final reports, which will be reviewed before the firms transition out of the sandbox.• The majority of tests have developed as planned towards meeting their objectives and the FCA currently expects most firms to take forward their propositions to market. The insight gained from the tests will feed into future work in this area.

Applications for cohort 3

Firms have until 31 July 2017 to submit their applications. The eligibility criteria, application form and instructions on how to apply are available on the Regulatory Sandbox pages on the FCA website. The FCA would expect all accepted firms to be ready to begin testing from November 2017. The FCA encourages applications from firms of all sizes. As seen by the firms accepted into the first and second cohorts, the sandbox is available to large firms, start-ups and everything in between.

Sandbox update: https://www.fca.org.uk/news/press-releases/financial-conduct-authority-provides-update-regulatory-sandbox

Sandbox application form: https://www.fca.org.uk/regulatory-sandbox-application-form

If you have any questions, please contact the FCA direct Paul.Worthington@fca.org.uk

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