The Financial Conduct Authority has revealed 18 experimental new applications it is helping to trial, including an automated advice tool.
The businesses have been included in the ‘regulatory sandbox’ – designed to be a ‘safe space’ to test innovative products, services, business models and delivery mechanisms in a live environment while ensuring that consumers are “appropriately protected”.
See below for names and details of firms involved.
Part of the FCA’s Project Innovate, which started two years ago this week, there were 69 firms from a “diverse range of sectors, geographies and sizes” that applied.
There were 24 applications that were deemed to meet the sandbox eligibility criteria and were accepted to develop towards testing, including early stage start-ups, challengers and incumbent firms.
The firms listed below are expected to begin testing shortly. Tests will be conducted on a short-term and small-scale basis. Six firms were not ready to begin testing and will be part of cohort two, officials said.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “The FCA’s regulatory sandbox was a first for regulators worldwide and underlines our deep commitment to innovation and our willingness to think outside the usual regulatory parameters. We are pleased to announce the first cohort of firms.”
“It has been an intense process for both firms and ourselves and we are grateful for their cooperation and hard work in getting us all to this position. We look forward to these businesses bringing new products and services to market whilst we ensure that appropriate consumer protection safeguards are in place.”
Application window for the second Sandbox cohort
Firms can apply to be part of the second sandbox cohort from 21 November. The application period will close on 19 January 2017.
The FCA said it encourages applications from firms of all sizes, adding that the firms accepted into the first cohort showed the sandbox is available to large firms, start-ups and everything in between.