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HMT consultation review – FinTech strategic review

HMT consultation review – FinTech strategic review

 

Background

  • HM Treasury announced on 20 July 2020 the relaunch (briefly delayed by coronavirus-related challenges) of its consultation review of the UK fintech sector to identify measures to maintain growth and competitiveness.
  • This review is expected to report to HMT during Q1 2021.
  • The independent Fintech Strategic Review will establish priority areas for industry, policy makers, and regulators to explore to support the ongoing success of the UK fintech sector.
  • The Review will make recommendations addressing three objectives: enabling growth, widespread adoption of Fintech solutions and advancing the UK’s international reputation.
  • The review will run five workstreams. Each workstream will ultimately make up to three recommendations; each recommendation will seek to advance one or more of the review’s objectives.

Impacts

The UK fintech sector is estimated to be worth around £7 billion to the economy and employs around 60,000 people up and down the UK.  The review will help to ensure UK fintech has the resources to grow and succeed, that conditions are right for the widespread adoption of financial technology, and that the UK’s global reputation for innovation is maintained and advanced.

First announced at Budget 2020, the intention of this review is to establish priority areas for industry, policy makers, and regulators to explore to support the ongoing success of the UK fintech sector.

The review will be independent of HMT.  Its Chair, Ron Kalifa (former CEO of Worldpay), will be assisted by the secretariat led by Innovate Finance and City of London Corporation.

Five workstreams will provide recommendations on: skills and talent, investment, national connectivity, policy and international attractiveness.

Timeline with relevant dates to be logged on regulatory calendar

  • Consultation opens on 20 July 2020
  • The review will report to HM Treasury by 31 March 2021

Next steps

Anyone with relevant specialist knowledge including current fintech roles and a willingness to comment needs to contact the review secretariat.