Innovate Finance has bemoaned the government's failure to devise a cohesive national strategy for UK fintech, as recommended by the Kalifa Review.
In February, Ron Kalifa published his independent review of UK fintech, commissioned by UK Treasury ministers. The report, which saw contributions from across the fintech ecosystem contained actions for government, regulators and for industry, focused on five key areas: policy and regulation, skills, international, national and investment. Eight months on and many areas still remain unaddressed, says Adam Jackson, director of policy, Innovate Finance "We are still waiting for a government regulatory roadmap for crypto, whilst the FCA has taken some regulatory action against individual firms and extended the deadline for initial temporary crypto Anti-Money Laundering authorisations," he says. "Across Government there has been very limited progress on introducing Open Finance - extending open banking to other areas of financial services."