Westminster Forum Projects: Key priorities for UK Fintech – next steps for policy, regulation and innovation

Note: 9am to 1pm is UK time. Time is NZ is 8pm to 12 midnight

This conference is examining key issues for the future of UK Fintech, and will be an opportunity to discuss findings of the independent Fintech Strategic Review, following its recent publication.

The Review was commissioned by the Government to assess how the UK can continue to foster innovation in Fintech, support businesses in the sector, and create an environment for its continuing success by establishing priority areas.

We are pleased to be able to include keynote addresses from the Review’s Chair, Ron Kalifa, and from Katharine Braddick, Director General, Financial Services, HM Treasury – as well as the CEO of Innovate Finance, Charlotte Crosswell, who is supporting the Review.

Overall discussion will focus on the Review’s key recommendations, which were centred around five areas: policy and regulation, skills, investment, international, and national connectivity, and include:

• a focus on the UK’s top ten Fintech clusters, which all have high growth potential
• establishment by government of a new Centre for Finance, Innovation and Technology to promote greater collaboration between the UK Fintech sector and internationally
• regulatory changes to support the sector, such as:
  • introduction of a new digital identity trust framework
  • development of common data standards
  • the evolution of the existing open banking regime into a mandatory open finance system
• enhancement of the existing regulatory sandbox approach to support businesses in testing Fintech innovation ahead of mass market launch
• consideration by government of more generous tax incentives to help accelerate the growth of Fintech firms, and introduction of a new Fintech growth fund

There will also be an opportunity to consider concerns surrounding the Review, including that:

• its recommendations on diversity and inclusivity in the sector are too broad
• it does not make sufficient recommendations on how Fintech firms can prioritise sustainability and climate concerns

The discussion is bringing together stakeholders with key policy officials who are due to attend from BEIS; the Government Legal Department; HMRC; HM Treasury; the Home Office and The Scottish Government.

The agenda:

• The independent Fintech strategic review – key findings
• Diversifying the Fintech workforce, developing skills, and attracting foreign talent
• Advancing the international attractiveness of the UK Fintech market and trade and investment priorities
• Research and innovation in UK Fintech, supporting regional development and enabling industry growth
• Key policy priorities following the independent review

 

Note: 9am to 1pm is UK time. Time is NZ is 8pm to 12 midnight

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