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Government Publishes First FinTech Sector Strategy

The Government recently published details of its first ever FinTech Sector Strategy, which sets out what action it has taken to make the UK the best place to start and grow a FinTech business, and what else it plans to do to maintain this position. 

The FinTech Sector Strategy includes:

  • a Cryptoassets Task Force consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority. This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks;
  • ‘Robo-regulation’ pilot schemes to help new FinTech firms, and the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money;
  • appointing three new FinTech Regional Envoys to ensure the benefits of FinTech are felt across the UK;
  • creating a set of industry standards which will enable FinTech firms to more easily partner with existing banks;
  • helping new, small FinTech firms to provide complex financial services and thereby grow their businesses and reach new customers. Industry and government will work together to create ‘shared platforms’ which will help remove the barriers that these firms face in setting up new systems;
  • and a Connect with Work programme developed by the government’s FinTech Delivery Panel to help FinTech firms to take advantage of the UK’s diverse workforce.

“From the square mile in London to Scotland’s Silicon Glen, the UK leads the world in harnessing the power of FinTech as we create an economy fit for the future,” commented Chancellor of the Exchequer, Philip Hammond.

“I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution,” he added. “As part of that, a new task force will help the UK to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology.”

Contact Selachii - FinTech Lawyers, London

At Selachii, we understand that while it is fundamentally important for existing FinTech businesses and customers of those businesses to be aware of the regulations that affect them, it is especially important that new FinTech companies are aware of which regulations apply so they can remain compliant. Contact us today to find out more about our services.

Contains public sector information licensed under the Open Government Licence v3.0.

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