At Budget 2020, the Chancellor asked Ron Kalifa OBE to conduct an independent review to identify priority areas to support the UK’s fintech sector. The Review formally launched in July 2020 with objectives for supporting the growth and widespread adoption of UK fintech, and for maintaining the UK’s global fintech reputation, many advocates from TLA contributed to the review.
The Kalifa Review of UK Fintech highlights the opportunity to create highly skilled jobs across the UK, boost trade, and extend the UK’s competitive edge over other leading fintech hubs. It sets out a series of proposals for how the UK can build on its existing strengths, create the right framework for continued innovation, and support UK firms to scale.
The report’s recommendations include :
- amendments to UK listing rules to make the UK a more attractive location for Initial Public Offerings
- improvements to tech visas to attract global talent and boost the fintech workforce
- creation of a regulatory Fintech ‘scalebox’ to provide additional support to growth stage fintechs
- a Centre for Finance, Innovation, and Technology, to strengthen national coordination across the fintech ecosystem to boost growth