Industry reacts to the Kalifa Fintech review

26 Feb 2021

The Kalifa Fintech Review has just landed. At the Budget last year, the Chancellor asked Ron Kalifa OBE to conduct an independent review to identify priority areas to support the UK’s Fintech sector. It sets out a series of proposals for how the UK can build on its existing strengths, create the right framework for continued innovation, and support UK firms to scale.

You can download the review HERE

Ron Kalifa OBE said of the review: “If the UK is to retain its position as a global leader in financial services, then we must lead this technological revolution. Just as we led in previous industrial revolutions, we must do so again in this one.

Set out in this Review, is a strategy and a delivery model for us to provide leadership in fintech. If we are to succeed then it must be comprehensive, coordinated and focussed. That is why I have put forward recommendations to support fintech scaleups with the capital and skills they need to succeed. But these measures must be combined with world-leading policy and regulation. The UK has a hard-won reputation of trust when it comes to regulation and the rule of law. We must ensure that we build trust in this new wave of tech-enabled products and services”.

Charlotte Crosswell, Chief Executive Officer, Innovate Finance commented: At Innovate Finance, we have been honoured to have acted as the secretariat to the Review alongside the City of London Corporation, and to have provided data and insights from the global ecosystem to inform the chapter leads. The recommendations from the Kalifa review form a strategy for the fintech sector and a delivery model to help the UK achieve it. This will enable us to move from being a global leader in fintech start-ups to the best place to scale a business and to take solutions from IP creation through to widespread adoption. It will help us realise the full impact and opportunity of a thriving fintech sector.

Ben Pollard, Chief Executive Officer and founder of fintech workplace pension and savings provider, Cushon, said: “Fintechs are often the primary driving force behind transformational change in the UK financial services industry, particularly in legacy markets such as pensions. The recommendations in this review will go a long way to ensure we can continue to innovate and make financial services work better for consumers – whether through smarter, intuitive tech, or products which align with issues people care about, such as climate change.

“We’re particularly pleased to see the focus on skills and talent to ensure the fintech sector can continue to thrive but while visas would ensure skilled international workers can relocate to the UK this may be a case of solving a new problem with old school thinking. The pandemic has shown us just how easy it is to work remotely from anywhere in the world. It’s not just a matter of attracting global fintech talent to the UK but attracting global talent to UK-based companies regardless of where the talent resides. We hope the wider recommendations in today’s review will help do just that.”

Freddy Kelly, Chief Executive Officer and founder of Credit Kudos, commented: “The recommendations in today’s report, together with progressive and agile regulation, can ensure fintech can continue to thrive, game-changing solutions can continue to be developed, and the UK can remain leader of the pack.

“Fintech is the lifeblood of the UK start up and scale-up sectors and it can play an integral role in the post-pandemic recovery – not only for the economy but by providing alternative innovative solutions to support individuals and small businesses struggling financially. The recommendations to create coalitions to progress Open Finance and support fintechs to further support small businesses, as well as ensuring fintechs and incumbents prioritise financial inclusion, are key parts of this puzzle.”

You can download the review HERE