MyIdentity scheme to be tested in the FCA Sandbox

Regulatory sandbox allows firms to innovative offerings in a live environment

We are really pleased that Etive will be participating in a test that it is undertaking as part of the Financial Conduct Authority’s (FCA) regulatory sandbox. The regulatory sandbox allows firms to test innovative offerings in a live environment. More information on the FCA’s regulatory sandbox can be found here.

The MyIdentity scheme aims to make home buying and selling a safer digital process. Since its Beta was first announced, it has seen good progress with estate agents, conveyancers, brokers and lenders welcoming the scheme.

The trust scheme for home buyers and sellers already has five leading identity providers participating in the Beta and Mvine providing the central HUB that helps make the system work. It is set to become the central hub for consumers, to help them prove who they are once only in a secure digital way.  The Beta is focused on improving standards around identity.

This has serious implication for the financial services sector to increase the barriers to fraud.  As the Prime Minister announced, foreign owners of UK property will be forced to declare their identities rather than hiding true ownership, and the Economic Crime (Transparency and Enforcement Bill) will create a register upon which all foreign owners of UK property must declare their true beneficial ownership and verify their identity.

To read the full press release click HERE and also in the press Today’s Conveyancer & Financial Reporter