Summary
What this article covers in 30 seconds
- Joe Norburn was among signatories calling for faster reform of the UK FinTech industry.
- More than 70 FinTech CEOs signed the open letter.
- The letter followed the Kalifa Review and was led by Innovate Finance’s membership community.
- It recognised progress including Central Digital Currency plans, listing regime changes and R&D tax credit extensions.
- Continued reform is needed to support innovation in financial services.
Seventy leading technology firms signed an open letter calling for more substantial reform to FinTech regulation to help protect the future of the industry and consumers.
Recordsure and TCC Group CEO Joe Norburn was among the signatories urging regulators to speed up reforms to the UK’s FinTech industry.
Kalifa Review progress and further reform
The letter was signed by the CEOs of more than 70 of the country’s FinTech firms, including Gemini, OpenPay and Monzo alongside Recordsure. It formed part of the ongoing Kalifa Review initiative led by FinTech non-profit body Innovate Finance.
The message urged policymakers to “seize on the opportunities afforded to us from leaving the EU” and endorsed reforming existing regulations following the Kalifa Review’s recommendations in February 2021.
Entitled ‘Kalifa Review One Year On: Strong Progress, Opportunity for More’, it highlighted progress made since launch. The examples included the Bank of England’s newly unveiled plans for a Central Digital Currency, changes to the UK’s listings regime and Chancellor Sunak’s extension of R&D tax credits to data and cloud computing.
Nonetheless, the letter took the view, echoed by prominent backers, that more work remained to reform standards and boost innovation. Innovate Finance said that rather than resting on laurels, the sector needed to build on momentum and work together to establish a UK environment more supportive of innovation in financial services.
Technology and financial services priorities
Technology’s importance reflects a shift in priorities for businesses and investors since the beginning of the decade. The pandemic increased the adoption of digital finance and renewed focus on the role technology and innovation should play in making financial services work for all.
The open letter secured the front page of City A.M., reflecting financial services support for FinTech leaders’ calls to overhaul regulation and build a leading environment for the sector.
Janine Hirt, Chief Executive of Innovate Finance, recognised both progress and the FinTech sector’s potential. She said FinTech is a significant industry for the UK and benefits society and individuals, making it important to champion and promote its continued strength.
Frequently asked questions
The letter was signed by CEOs of more than 70 UK FinTech firms, including Recordsure, Gemini, OpenPay and Monzo.
It formed part of the ongoing Kalifa Review initiative led by Innovate Finance.
It cited the Bank of England’s Central Digital Currency plans, UK listings regime changes and the extension of R&D tax credits to data and cloud computing.
The pandemic increased digital finance adoption and renewed focus on technology and innovation as ways to make financial services work for all.