Visi Money
TLDR:
- The UK fintech sector is facing potential changes with the upcoming general election and Labour Party’s plan for financial services.
- Potential shifts in regulations and international collaborations could impact the industry.
Ouliana Smith, a senior research analyst at Omdia, discussed the implications of Labour’s report titled ‘Financing growth: Labour’s plan for financial services’. The report, filled with qualified and risk-averse statements, leaves the fintech industry uncertain about future regulatory changes. One key point highlighted is the need for collaboration with international partners on regulatory issues, especially with the EU. The report also addresses the impact of Brexit and hints at forming a Regulatory Innovation Office. Smith compares the UK’s fintech context to other centers like Dublin and emphasizes the importance of resolving regulatory challenges to maintain the UK’s position as a fintech pioneer.
Smith emphasizes the role of uncertainty in hindering the growth of the UK fintech sector and suggests that companies must take proactive steps to navigate potential changes. With UK fundraising and deal volumes decreasing, it is crucial for entrepreneurial companies to lead the way in shaping the market. The creation of the Unicorn Council for UK Fintech (UCFT) may indicate a shift towards industry-driven initiatives. In conclusion, Smith highlights the importance of companies taking charge of their future in the UK fintech sector.
