City of London Corporation welcomes Chancellor’s plans to boost UK fintech and financial services

Responding to Rishi Sunak’s speech at Fintech Week today, City of London Corporation Policy Chair Catherine McGuinness said:

“We warmly welcome the Chancellor’s proposals to enhance the UK’s competitive advantage in fintech. We are particularly pleased that many of the recommendations made in the Kalifa Review will now be taken forward.

“This is a vital step if we are to maintain the competitiveness of a sector which has a huge role to play in driving the post-pandemic recovery across all sectors of the economy, not only financial services.

“We also welcome the new steps set out by the Chancellor to support fintech’s growth across the UK with the creation of a new FCA ‘scale box’ and an industry-led Centre for Finance, Innovation and Technology. These are critical measures to ensure that our fintech across the UK can continue to thrive. We look forward to continuing to play our part on this important agenda.”

As part of the regulatory scalebox, the City of London Corporation and FCA will launch the second phase of the Digital Sandbox. The second phase of the Digital Sandbox will enable firms to test concepts that tackle sustainability and climate change-related challenges, helping to deliver a greener financial sector that supports the transition to net zero.