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.