May 15, 2021

FCA releases detailed 5-point plan to make UK a fintech powerhouse

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Upon the announcement of the United Kingdom budget for 2020, Chancellor Rishi Sunak commissioned Ron Kalifa to conduct an independent review of the U.K. fintech sector. On Friday, eight months later, the FCA published the 108-page report, and it contains multiple clear guidelines aimed at cementing the U.K.’s position as a fintech powerhouse.

Over $95 billion was spent by U.K. fintech firms in 2019, and with 10% of the global market share, the U.K. is already ahead of the curve when it comes to fintech adoption and business. Investments in U.K. fintech firms totaled $4.1 billion in 2020, notes the report — more than the next five European countries combined.

Kalifa still identified areas where the U.K. could improve its approach to creating a welcoming environment for the next generation of fintech players.

“However, the trajectory of UK fintech is at an inflection point of opportunity — and risk. While the UK’s position is well established, its future is not assured,” notes the report.

The three main threats to the U.K.’s current fintech dominance are identified as COVID-19, Brexit and overseas competition. Concerning the pandemic, the report notes thatTitle: FCA releases detailed 5-point plan to make UK a fintech powerhouse
Sourced From: cointelegraph.com/news/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse
Published Date: Fri, 26 Feb 2021 14:05:32 +0000