The sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring that appropriate protections are in place.
The FCA received 61 submissions for the third phase of the regulatory programme, with 18 applications meeting the regulator’s eligibility criteria and being accepted to develop towards testing.
Orca will be testing a peer-to-peer investment aggregation platform that facilitates investment in a diversified portfolio of peer-to-peer loans.
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.
- Orca launches comprehensive P2P lending guide
- How do P2P platforms balance investor and borrower numbers?
- Who invests in peer-to-peer?
Other companies accepted on to the third phase of the sandbox include those involved with blockchain, regtech propositions, general insurance and biometric digital ID.
“Since we first opened the sandbox, it has supported almost 70 firms in testing innovative new products and services,” said Christopher Woolard, executive director of strategy and competition at the FCA.
“It is particularly encouraging that we are now seeing more applicants from outside London and a broader range of firms testing in the sandbox.
“As we open the application window for our next sandbox cohort, we continue to encourage applications from firms of all sizes and from a wide range of sectors, including sectors we haven’t seen heavily represented in the sandbox to date.”
The FCA is now accepting applications from firms to be part of its fourth sandbox phase.
Firms have until 31st January 2018 to submit their applications.
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