On 22 March 2018, HM Treasury published a FinTech Sector Strategy paper setting out the action that the UK Government has taken to make the UK the best place to start and grow a FinTech business, and what else it plans to do to maintain this position.
The paper is split into two parts:
- Chapter 2 (meeting the needs of the FinTech sector) looks at what further action the UK Government can take to remove barriers to entry and growth faced by FinTech firms. This draws on data from the UK FinTech Census, a review of the state of the sector and the challenges it faces; and
- Chapter 3 (new opportunities offered by UK FinTech) identifies areas of merging opportunity offered by UK FinTech, including new technologies and ensuring that the benefits of FinTech are felt by everyone across the UK, including the financially excluded. Among other things the UK Government is establishing a Cryptoassets Task Force consisting of HM Treasury, the Bank of England and the FCA to explore further the risks of cryptoassets and the potential benefits of the underlying distributed ledger technology, as well as to assess the future response of authorities, including around regulation.