Innovate Finance, the membership association for global FinTech, today published its Autumn Statement submission to the UK government.
In the submission, Innovate Finance recognises that the UK currently leads the world in FinTech innovation with the key global differentiators being an open and collaborative regulatory regime driven by the FCA as well as the government’s broader policy in supporting competition and innovation.
However, the government must continue to be active to ensure that the country doesn’t lose its momentum, especially following the EU referendum result.
The recommendations put forth by Innovate Finance cover four broad areas:
1. Investment Environment:
Ensuring there is continued access to capital and liquidity to help support the growth of the UK FinTech sector.
2. Talent and Skills:
Ensuring the UK remains an attractive location for global FinTech talent and equipping its workforce with the skills necessary to take advantage of the digital economy.
3. Single Market and Passporting:
Ensuring that the UK financial services sector is able to access the EU single market and its 500m+ consumers by maintaining passporting rights.
4. Supporting Productivity and Competitiveness in Financial Services:
Ensuring the UK government continues to support FinTech initiatives from alternative finance to open banking and RegTech – creating an industrial strategy fit for the digital age.
Lawrence Wintermeyer, CEO of Innovate Finance said: “The UK FinTech market has seen rapid expansion in recent years with the progressive regulatory environment recognised as a key differentiator. The first Autumn Statement following the Referendum on the membership of the European Union will be a fundamentally important indicator as to the future direction of the UK FinTech market. The government must ensure we continue to drive investment and innovation, attract talent and capital and maintain an open trading relationship with the EU, and indeed, the rest of the world.”