Following yesterday’s Autumn Statement, Tech City UK is delighted to announce that it will deliver two of HM Treasury’s newest FinTech measures to ensure that the UK remains the world’s leading hub for Financial Technology.
These two measures include a FinTech Delivery Panel for industry initiatives and a FinTech Professional Services Hub to help businesses source the legal, accountancy and other professional services they require, with the aim of increasing competition in the market and lowering this barrier to entry for early startups.
The FinTech Delivery Panel and Professional Services Hub initiatives were originally announced by the previous Economic Secretary to the Treasury, Harriett Baldwin, at the Innovate Finance Global Summit in April 2016 following the EY Global FinTech Benchmarking Study and Report commissioned by HM Treasury and published earlier in the year.
The FinTech Delivery Panel
The key intention of the FinTech Delivery Panel will be to drive FinTech specific policy recommendations, particularly those which need to be industry-led and will therefore benefit from cross-industry collaboration, through to fruition.
One of the key elements of the panel is that it should be led by, and for, the entire FinTech community. That is why we intend to create a broad FinTech community who will contribute ideas, suggestions and thoughts to the main panel, as well as contributing to the delivery of the initiatives through task-and-finish groups where members wish to do so.
Tech City UK will run this endeavour, ensuring that the panel:
Identifies the key collaborative initiatives that are currently in the pipeline for UK FinTech
Sets out a timeline for industry to deliver progress on these initiatives, including key industry milestones and deliverables
Supports the community in the delivery of these initiatives.
Eileen Burbidge MBE has accepted the role of chair of the panel as she is in a unique position as both the HM Treasury Special Envoy for FinTech and Chair of Tech City UK.
Eileen Burbidge added:
“Along with the announcements of new regional FinTech envoys to be appointed and funding for DIT FinTech experts from the Autumn Statement, it’s brilliant to see that HM Treasury and HM Government more broadly are continuing to support the fast-growing FinTech sector. I look forward to convening the new FinTech Delivery Panel in order to progress specific initiatives, and also that there will be a FinTech services hub to inform younger FinTech startups about relevant professional advisors. All of these new measures will undoubtedly add to the likelihood of the UK maintaining its position as the FinTech capital of the world.”
The panel will be suitably joined up with other existing initiatives including the FinTech Network Action Group led by Innovate Finance, the Financial Services Trade and Investment Board and others.
An announcement with the full list of panel members will follow in due course, and applications to the wider community will open once this has been announced. The aim is to have the panel’s first convening session in February 2017.
The FinTech Professional Services Hub
Tech City UK has also committed to delivering a FinTech Professional Services Hub following an initial discovery phase to determine product market fit and the optimal service for FinTech companies regarding professional services.
As the former Economic Secretary to the Treasury set out in April,the initial vision was to provide FinTechs with an easy and effective way of choosing a professional services firm which can provide for their needs.
The precise timings and shape of the hub will be announced once the initial discovery phase has been completed.