FCA Releases Detailed Five-Point Plan to Turn UK into a Fintech Hub

Upon the announcement of the United Kingdom budget for 2020, Chancellor Rishi Sunak commissioned Ron Kalifa to conduct an independent review of the U.K. fintech sector. On Friday, eight months later, the FCA published the 108-page report, and it contains multiple clear guidelines aimed at cementing the U.K.’s position as a fintech powerhouse.

Over $95 billion was spent by U.K. fintech firms in 2019, and with 10% of the global market share, the U.K. is already ahead of the curve when it comes to fintech adoption and business. Investments in U.K. fintech firms totaled $4.1 billion in 2020, notes the report — more than the next five European countries combined.

Kalifa still identified areas where the U.K. could improve its approach to creating a welcoming environment for the next generation of fintech players.

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