Listing Review, led by
Sunak stated:
“Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing Fintechs, push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre.”
Prior to Brexit, the UK was widely viewed as the top global Fintech hub. Yet the UK’s separation from continental Europe has raised concern that its prominence in the financial services sector may be challenged.
new FCA ‘scale box’ and Centre for Finance, Innovation and Technology to boost growth
UK to lead digitisation of finance with central bank digital currency taskforce and support for new technologies and infrastructures
additional plans for capital markets reform to enhance open and dynamic financial centre
Speaking at Fintech Week, the Chancellor Rishi Sunak set out proposals to enhance the UK’s competitive advantage in fintech, from regulatory support and reforms to help firms grow to a new taskforce to lead the UK’s work on a central bank digital currency.
Building on opportunities generated since the UK’s departure from the EU, the Chancellor confirmed the UK will be taking forward many of the recommendations made in the recent Fintech Review, led by Ron Kalifa, and the Listing Review, led by Lord Hill.
Fintech industry leaders have urged Rishi Sunak to embrace plans to put the sector at the heart of Britain’s recovery proposed by former Worldpay boss Ron Kalifa.Monzo chief executive TS Anil
Regulating The UK As A Global Financial Centre - Speech Delivered By Nausicaa Delfas, FCA Executive Director Of International, Interim Chief Operating Officer And Executive Director Of International, At City & Financial Global s Future Of UK Financial Services Regulation Virtual Summit. Date
Event: City & Financial Global s Future of UK Financial Services Regulation Virtual Summit
Delivered: 13 April 2021
Highlights
We are fully committed to maintaining open and fair UK markets – and we will continue to regulate in the interests of consumers, competition and market integrity.
Whilst our markets are open, firms serving UK customers and businesses will need to meet consistently high standards, and there will need to be strong supervisory co-operation between our respective jurisdictions.
Goldman Sachs, a key adviser on Deliveroo s car crash market debut last week, is brushing aside a storm of protest and is already preparing to unleash its second giant tech listing this year.
Sources last night said Goldman Sachs and Morgan Stanley were on track to sell shares in financial technology giant Wise next month with a valuation of up to £5billion.
Wise, which counts Virgin s Sir Richard Branson as an investor, is one of the tech stars that Chancellor Rishi Sunak hopes will make London a prime venue for Initial Public Offerings – the public sale of shares on the stock market.