Fintech review calls for coordinated strategy

The Kalifa Review of the UK’s fintech industry identifies priority areas of focus and proposes a new Digital Economy Taskforce to deliver the approach. Charlotte Hill andKatie Fry-Paulreport on policy and regulation aspects.

Charlotte Hillis a partner and head of the Financial Services Regulatory group at Taylor Wessing in London, whereKatie Fry-Paulis an associate. Contact them onc.hill@taylorwessing.comandk.fry-paul@taylorwessing.com.

At the 2020 Budget, the Chancellor asked businessman Ron Kalifa OBE to conduct an independent review into the United Kingdom’s fintech sector (known as the ‘Kalifa Review’). The objectives were to identify priorities for supporting the growth of the sector, and its widespread adoption, with the aim of securing the UK’s position as a global leader. The review identified five main recommendations under the headings of policy and regulation, skills, investment, international, as well as national connectivity. This article will cover the recommendations made with regard to policy and regulation.