The FCA has published on its website an update on the regulatory sandbox.
In particular the FCA unveils the list of firms that were successful in their application to begin testing in the second cohort of the sandbox. The range of firms testing in the second cohort is diverse, covering a variety of geographies and sectors including wholesale, general insurance, payments, retail banking and retail lending. Accepted propositions from firms 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.
The FCA is now accepting applications from firms to be part of its third sandbox phase. Firms have until 31 July 2017 to submit their applications. The FCA expects all accepted firms to be ready to begin testing from November 2017.
View FCA provides update on regulatory sandbox, 15 June 2017