On 21 April the lab hosted an event exploring whether the Kalifa Review went far enough to address financial inclusion and sustainability, and truly transform fintech.
The Kalifa Review set out a strategic approach to fintech that promotes market growth and international competitiveness. While a strategic approach to developing the UK’s fintech sector is necessary, fintech will only create meaningful change, and truly transform financial services, if everyone can benefit from it. Did the Kalifa Review do enough to achieve this?
In response to the Kalifa Review, the Lab presented five asks of government to take into account when responding to the review and implementing recommendations:
- Involve civil society and consumer groups
- Prioritise financial and digital inclusion
- Protect people’s data
- Promote a diversity of business models
- Support the existing physical infrastructure
As part of UK Fintech Week, this event brought together civil society organisations, policymakers, regulators and the Lab community to discuss how the government can respond to the Kalifa Review in a way that ensures the future of finance works for all. Speakers included Lord Holmes, Vice-Chair APPG FinTech, Dr Kay Swinburne, Vice Chair of Financial Services, KPMG (policy lead for Kalifa Review) and Marloes Nicholls, Head of Policy and Advocacy, Finance Innovation Lab.
A recording of this event is available here.