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Financial Services: Technology

Question for Treasury

UIN 2473, tabled on 16 May 2022

To ask the Chancellor of the Exchequer, what progress he has made on implementing the recommendations in The Kalifa Review of UK FinTech.

Answered on

24 May 2022

The Government responded to the Kalifa Review of UK Fintech on 26 April 2021, setting out actions alongside regulators to ensure the UK remains at the global cutting edge of technology and innovation in financial services.

These actions include improved regulatory support for new and growing fintechs; initiatives to supercharge commercial support for UK fintechs seeking to expand internationally; and a new visa ‘scale up’ stream to attract global talent and boost the fintech workforce.

The Government’s full response is available at: https://questions-statements.parliament.uk/written-statements/detail/2021-04-26/hcws938.

On 29 October the Government announced £5 million of seed funding for a new Centre for Finance, Innovation and Technology (CFIT) as part for Spending Review 2021. CFIT was a central recommendation of the Kalifa Review, and it will focus on creating the right conditions for firms to scale, encouraging the mainstream adoption of fintech solutions, and fostering collaboration between growing regional fintech hubs. In March 2022 the CFIT Steering Committee, chaired by Ron Kalifa began an intensive programme of work on proposals for CFIT’s priorities, objectives, and operational requirements.

Answered by

Treasury
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