TO BE PUBLISHED January 2025
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This conference will discuss priorities for the development of FinTech in the UK.
Stakeholders and policymakers will examine practical steps to support continued growth and global leadership. Delegates will look at opportunities for FinTech as the Government develops a suite of policy initiatives aimed at supporting innovation and growth, with financial services identified as a key sector in the Government’s Industrial Strategy.
Sessions will examine the direction of government policy, set against the regulatory and fiscal recommendations put forward by the Unicorn Council for UK FinTech earlier this year, as well as the Bank of England’s work on the use of AI in financial services. They will also examine priorities for FinTech in DSIT’s upcoming Artificial Intelligence Opportunities Action Plan, alongside the announcement in the recent Budget of a new multi-year R&D Missions Programme, aiming to solve targeted problems that will crowd in private and third sector investment.
Looking at the Unicorn Council’s recommendations, we expect discussion on options for creating a more efficient regulatory environment, as well as proposals on increasing business asset disposal relief, abolishing stamp duty and reforming enterprise management incentives, options for a VAT-rebate scheme for early stage FinTech firms.
Delegates will assess the impact and possible implementation of measures in the Data (Use and Access) Bill, including extensions to smart data schemes and extending digital verification of products and services, seen by some stakeholders as key to the development of open banking. They will also examine next steps for protecting consumers and businesses from fraud, with the CFIT recently convening an industry coalition to investigate the potential for digital verification to tackle financial crime.
The agenda includes a focus on next steps for open finance following the completion of the CMA’s Open Banking Roadmap in September 2024. We expect discussion on priority areas for innovation in products and services, the way forward for collaborative frameworks, and the potential impact on competition.
Sessions will bring out latest thinking on opportunities and challenges around financial innovation, as the FCA and BoE consider consultation responses to proposals for a Digital Securities Sandbox for the safe development and testing of distributed ledger technology. We also expect sessions to consider how the FinTech sector can position itself to benefit from the Government’s drive to develop a National Wealth Fund.
Further discussion will examine priorities for regulatory approaches to the use of emerging technologies and AI to address potential harms and misuse, including cyber-attacks and data breaches, as well as considering submissions to the BoE’s AI Consortium, which aims to gather input from stakeholders on the capabilities, development and use of AI in financial services.
The conference will also be an opportunity to discuss strategies for increasing the diversity of the FinTech workforce, including ensuring a variety of skills and backgrounds, particularly at board level. Potential gaps in the talent pipeline will be considered, as well as measures to improve financial and digital literacy.
We are pleased to be able to include keynote sessions with: Patrick Keenan, Head, FinTech Policy, HM Treasury; Janine Hirt, Co-Chair, Unicorn Council for UK FinTech; Anna Lane, CEO, The Wisdom Council; Tim Levene, CEO, Augmentum; and Prof Markos Zachariadis, Greensill Chair, Financial Technology and Information Systems, Alliance Manchester Business School, University of Manchester.
All delegates will be able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those due to attend include officials from Dstl; HM Treasury; DfT; and The Scottish Government.
