KPMG was commissioned to produce the ‘Value of FinTech’ report, which outlined 10 recommendations for the sector.

The report’s main proposal was that the fintech industry secured a ‘sector deal’, this would ensure that the UK had a single and consistent policy position to support the market. 

Such deals were announced in January this year as part of the government’s industrial strategy, which aims to support business sectors through policy, regulation, funding, capital, infrastructure and talent.

Catherine McGuinness, policy chairman of City of London Corporation, said: “Fintech is a real asset for the UK’s economy and we are a global leader in our own right. 

“The City has supported this growth and we have seen the services provided move on from traditional banking services to other forms of financial services like insurance, asset management, capital markets and regulation.

“It is the latest evolution of financial services and while there is a lot of focus on the customer end provided, businesses – not just those in financial services – need to embrace it too.

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“I hope that industry and government seriously consider these recommendations in this report, especially the possibility of a sector deal. 

“If they do, then I am sure that fintech will continue to go from strength to strength in the years to come.”

The report has also suggested:

• providing clarity on the regulatory perimeters applicable to fintech and the technologies they use
• making it easier for fintech firms to gain authorisation and regulators working with them at an early stage in their development
• government and local enterprise partnerships embracing fintech and identifying regions and cities where fintech can be clustered
• financial services trade associations should work in partnership with fintech firms and the government should explore a match-making programme to accelerate their growth
• government should introduce measures to unlock institutional markets and review how best to ensure the UK retains and attracts the best talent post-Brexit.

The report can be viewed on the City of London website.