Boost for UK FinTech businesses

It is very pleasing to read all about the Chancellor’s plans to boost and grow the UK’s already thriving fintech industry, as published recently by GOV.UK. Addressing the matter at Fintech Week, the Chancellor, Rishi Sunak, spoke about how the UK will action many of the recommendations made in a recent independent Fintech Review Report , led by Ron Kalifa OBE. What do the ambitious plans include?

Supporting growing firms and fintech hubs across the UK

The Financial Conduct Authority (FCA) will take forward a ‘ scale box ’, scale box is an extension of the sandbox program which has proved invaluable for allowing start-ups to test new propositions, and to provide a one-stop-shop for growth stage firms.

Pushing the boundaries of digital finance

The HM Treasury and the Bank of England have come together to establish ‘ Taskforce ’, which will explore a possible UK central bank digital currency (CBDC). Two new forums are also being created to engage technical experts in this project.

Reforms to listing and capital markets rules

The Chancellor confirmed plans to support companies seeking to raise capital in the UK, including reviewing the prospectus regime. The prospectus regime aims to make it easier for companies to provide the information that potential investors need.

In all, Rishi’s announcement is encouraging news to recruitment consultancies that support high growth firms to scale up with access to high-quality talent. The plan to fast track visas for skilled people is also welcome news for the industry; there is already a shortage of candidates on the market, with many good candidates being shackled down by working permits that can’t necessarily be granted at their new employment. The announced changes will remove these barriers and allow access to some exceptional talent across tech and finance.

In light of Brexit, this will encourage not only for firms currently in the UK, but also European and other international firms to see the UK as a great location to set up.

Marks Sattin will help you with your fintech recruitment needs

If you are growing your fintech business and would like to discuss sourcing talent, please contact me directly. Alternatively, you can view our fintech job opportunities here .