Billion, BitX, Blink Innovation, Bud, Citizens Advice, Epiphyte, Govcoin Ltd, HSBC, Issufy, Lloyds Bank, Nextday Property Ltd, Nivaura, Otonomos, Oval, SETL, Tradle, Tramonex and Swave are to be the first fintech firms to benefit from a relaxation of the UK's investor protection rules.

According to the British Bankers' Association, nearly 14 million banking applications were downloaded in 2015 - a 25% rise on 2014. One regulatory response to this mounting use of 'fintech' has been the Financial Conduct Authority's so-called 'regulatory sandbox,' a peculiar name it gives to its policy of allowing IT firms to test their new ideas on real customers without incurring all of the normal regulatory consequences. Since it opened its doors to suggestions in May, 67 firms have applied and 24 have had their suggestions approved. Six of them, not listed here, were not ready to take part in the series of experiments that will begin soon but will do so shortly. They come from abroad as well as the United Kingdom and from a wide range of sectors including retail banking, insurance and advice. Seven applications came from payment firms, including blockchain firms.

The FCA is now in the process of finalising the details of tests, various timelines and safeguards for consumers. These will differ from firm to firm. In the middle of this month it will begin to assess the next wave of applications.