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In brief

The UK’s fintech sector is due to get a major boost in reforms suggested as part of the Kalifa Review of UK Fintech (the Review). These reforms are part of a suite of legislative reviews launched by the UK government to enhance the competitiveness of the UK market in the area of digital finance post-Brexit. The Review is intended to catalyse growth in the UK fintech sector and provides recommendations to ensure the UK maintains its position as a world leader in financial services as the sector undergoes a technological revolution and it remains the best place in the world to start and grow a fintech business. While recent HM Treasury consultations have sought to implement individual regulatory changes (for example, as part of its payments special administration regime, or the cryptoassets consultation), the Kalifa Review is a high level strategic document seeking to identify threats and opportunities for the UK fintech sector, and to create a facilitative and permissive environment for the industry to thrive.


This alert provides a high level overview of the Review’s recommendations, and highlights some of the key ways in which the Review may fundamentally reshape financial services regulation and policy in the UK.

Click here to access the full alert.

Author

Sue McLean is a partner in the IT/Commercial Practice Group in Baker McKenzie's London office. Sue advises clients on technology, sourcing and digital media business models and deals, as well as the legal issues relating to the implementation of new technologies. Sue has been included in the Women In FinTech Power List for three successive years. She is on the editorial board of the Journal of Digital Banking and is a member of the techUK working group on DLT/blockchain. Sue is an active member of Baker Women and leads Baker Women in Tech, an initiative to encourage the development and promotion of women in the tech sector. In 2017, Sue won the Rising Star Award at the Variety Catherine Awards.

Author

Julian Hui is an Associate in Baker McKenzie's London office.

Author

Kimberly Everitt is a Knowledge Lawyer in Baker McKenzie London office.

Author

Scarlett Flight is an associate in Baker McKenzie London office.