Kalifa Review of UK Fintech: 10 key takeaways
The findings of a highly anticipated independent strategic review into UK fintech have been published. The review, led by Ron Kalifa OBE, sets out a five-point plan to ensure the UK can retain its position as a global leader in fintech, and thus financial services more broadly. The recommendations are wide-ranging and bold. Notably, several are aimed at providing a more supportive environment for fintech firms to grow into global champions. The government has welcomed the report and committed to considering its recommendations in detail.
The long-awaited findings of the UK independent fintech strategic review have now been published. The report’s recommendations, which have been widely endorsed by the UK fintech industry, are expected to be highly influential in steering government policy.
The UK punches above its weight in the fintech sector. The report found that it currently accounts for around 10% of global fintech revenues. This is a valuable asset given the projected growth of the market and the increasing prevalence of technology in financial services. However, the UK’s position is under threat from various sources, including growing competition from rival jurisdictions and the negative implications of Brexit. The report seeks to provide a strategy to enable the UK to remain a global leader in this area, as well as a delivery model for achieving it.
Our top ten takeaways
The report provides over a hundred pages of detailed analysis and recommendations. Below, we outline our top ten takeaways.
The report has now been presented to the UK government. The Chancellor has welcomed it, noting that it makes “an important contribution to our plan to retain the UK’s fintech crown”. The government has committed to review the recommendations in more detail and respond in due course. The report calls for progress to be assessed in exactly a year’s time.
Should you have any questions regarding the implications of the report, please do not hesitate to get in touch.