HM Treasury Launches Strategic Review of Fintech Sector
HM Treasury launched a review into the financial technology industry of UK to identify opportunities to support further growth in the sector. The Independent Fintech Strategic Review will identify priority areas for industry, policy makers, and regulators to support the ongoing success of the UK fintech sector. The review will consider how the UK can continue to foster innovation, maintain an ecosystem that supports growing firms, and promote the integration of new technologies across financial services. The review will make recommendations addressing three objectives that involve enabling growth, widespread adoption of fintech solutions, and advancing the international reputation of UK fintech. The review will be performed independently and will report to the HM Treasury with recommendations in 2021.
The review will run five workstreams, with each workstream being led by experienced financial services and fintech professionals. Each workstream will ultimately make up to three recommendations and each recommendation will seek to advance one or more of the objectives of the review. The five workstreams are:
- Skills and Talent—The review will make recommendations for building a robust and diverse UK workforce qualified in areas relevant to emerging financial trends, through developing a domestic skills base and addressing barriers to attracting foreign talent.
- Investment—The review will make recommendations for diversifying the UK investment landscape and addressing the challenges to attracting growth funding.
- National Connectivity—The review will make recommendations for supporting the growth of regional fintech through improving intra-region connectivity and leveraging the strengths of other fintech hubs.
- Policy—The review will make recommendations for enabling and fostering wider adoption of innovation, including supporting cooperation between fintech and financial institutions, while promoting competition.
- International Attractiveness and Competitiveness—The review will make recommendations for promoting UK solutions to overseas markets and support international exports and for promoting UK as a key market to establish and grow a fintech company.
The UK has established a world-leading fintech ecosystem, largely due to strong government support, a forward-leaning approach to regulation, and access to skills and capital. The government recognizes that now is the time to build on this success; the COVID-19 crisis has shown that further work needs to be done to increase mainstream adoption of technology solutions and to enhance the resilience of UK fintech.
Related Links
Keywords: Europe, UK, Banking, Fintech, Strategic Review, HM Treasury
Previous Article
EC Authorizes Reinsurance Scheme to Support French Credit InsuranceRelated Articles
APRA Finalizes Reporting Standard for Operational Risk Requirements
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB Publishes Guide for Determining Penalties for Regulatory Breaches
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS Sets Out Good Practices to Manage Operational Risks Amid COVID
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR Announces New Data Collection Application for Banks and Insurers
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.
EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
EIOPA Launches Study on Non-Life Underwriting Risk in Internal Models
EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.
SRB Publishes Overview of Resolution Tools Available in Banking Union
SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.
EU Amends CRD4 and CRD5 as Part of Capital Markets Recovery Package
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
