Following the UK Autumn Statement, Tech City UK says it will deliver two of HM Treasury’s newest fintech measures.
These two measures include a FinTech Delivery Panel for industry initiatives and a FinTech Professional Services Hub to help businesses source the legal, accountancy and other professional services they require, with the aim of increasing competition in the market and lowering this barrier to entry for early startups.
The FinTech Delivery Panel and Professional Services Hub initiatives were originally announced by the previous Economic Secretary to the Treasury, Harriett Baldwin, at the Innovate Finance Global Summit in April 2016 following the EY Global FinTech Benchmarking Study and Report commissioned by HM Treasury and published earlier in the year.
The FinTech Delivery Panel
The key intention of the FinTech Delivery Panel will be to drive FinTech specific policy recommendations, particularly those which need to be industry-led and will therefore benefit from cross-industry collaboration, through to fruition.
One of the key elements of the panel is that it should be led by, and for, the entire FinTech community. That is why we intend to create a broad FinTech community who will contribute ideas, suggestions and thoughts to the main panel, as well as contributing to the delivery of the initiatives through task-and-finish groups where members wish to do so.
Tech City UK will run this endeavour, ensuring that the panel:
• Identifies the key collaborative initiatives that are currently in the pipeline for UK FinTech
• Sets out a timeline for industry to deliver progress on these initiatives, including key industry milestones and deliverables
• Supports the community in the delivery of these initiatives.
Tech City UK has also committed to delivering a FinTech Professional Services Hub following an initial discovery phase to determine product market fit and the optimal service for FinTech companies regarding professional services.
As the former Economic Secretary to the Treasury set out in April, the initial vision was to provide FinTechs with an easy and effective way of choosing a professional services firm which can provide for their needs.