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Two new mortgage tools to be tested in FCA sandbox


Experian and Money Dashboard will be testing new mortgage tools in the latest FCA regulatory sandbox.

The FCA sandbox allows businesses to test innovative products, services, business models and delivery mechanisms in a live environment, while ensuring that consumers are appropriately protected. 

Experian is testing a mortgage eligibility tool which can be used to help consumers who are in the research phase of buying a home by increasing awareness of their eligibility, based on the lender’s affordability criteria. 

Meanwhile, Money Dashboard will be testing a tool which offers an instant view of consumer affordability. 

This is done by aggregating and organising financial transactions from online accounts and mapping them to mortgage lenders’ criteria, supporting a digital mortgage journey. 

The FCA sandbox began in 2014 to promote competition in the interest of consumers. 

The regulator received 77 submissions for the second phase of the regulatory sandbox, an increase on the number who applied for cohort one. 

In total, 31 applications met the sandbox eligibility criteria and were accepted to develop towards testing.

The current cohort – which contains Experian and Money Dashboard – consists of the 24 firms which are ready to begin testing shortly. 

Tests will be conducted on a short-term basis and the FCA has worked with the sandbox firms to agree testing parameters, building in consumer safeguards. 

“The sandbox continues to grow in popularity and it is particularly encouraging that both the number of firms applying and accepted for testing has increased in cohort two,” said Christopher Woolard, executive director of strategy and competition at the FCA.

“That means more innovative firms, trialling more innovative propositions to bring to the market. 

“This is an important part of the FCA’s commitment to promoting innovation and competition in the markets we regulate.” 

The majority of firms who took part in the first sandbox phase were based in London, but the FCA hopes to increase its regional engagement in emerging fintech hubs.

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