City of London calls for a fintech sector deal to ensure UK remains leading hub after Brexit

 
Lynsey Barber
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Fintech needs assurances to stay ahead (Source: Getty)

Fintech must get its own sector deal in order for the UK to remain a world leading centre after Brexit, City leaders have signalled.

The industry has been urged to come together to urge the government to come up with a deal for the sector, which contributed £6.6bn to the economy last year, to ensure the UK remains a global hub for fintech.

Read more: Banks and startups rally behind fintech industry post-Brexit in fresh push

It's one of several recommendations for the fintech industry put forward in a new report form the City of London Corporation and KPMG.

“I hope that industry and government seriously consider these recommendations in this report, especially the possibility of a sector deal," said policy chairman at City of London Corporation Catherine McGuinness.

"If they do then I am sure that fintech will continue to go from strength to strength in the years to come.”

A deal should focus on public policy, equivalency and harmonisation standards for regulation and support for fintech bridges, which have already led to collaboratiosn with several countries around the world.

“Many countries are now taking steps to attract and retain fintech companies," said KPMG strategy partner Paul Merrey.

"A sector deal would be a major boost to the UK’s ability to maintain its status as a global fintech leader."

Read more: European Court of Justice could veto Brexit deal, MPs are told

The City watchdog's efforts when it comes to supprting innovation were applauded, but the report also called for further efforts, while efforts to broaden the growth of fintech beyond London should be made.

Its the latest push post-Brexit to ensure the UK's leadership in fintech continues. Banks and startups at Canary Wharf's Level39 last month outlined plans for an industry push.

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