Policy & Regulation Programme

Making the voice of the FinTech sector heard across key policy areas. Supporting the UK’s world-leading regulatory regime.

About the Policy & Regulation Programme

We work with regulators and government to help ensure the voice of the FinTech sector is heard across key policy areas. Our mission is to ensure the UK remains a leading global FinTech ecosystem and the most attractive hub for setting up a FinTech business. Our policy work helps promote innovation in the UK, and supports our members as they navigate the shifting political and economic landscape. The input of our members is vital in helping us to ensure that we are representing the needs of an evolving sector.

Areas of focus

The Kalifa Review

In 2020, HM Treasury commissioned an independent review of the UK’s Fintech sector. Chaired by Ron Kalifa OBE, the Review was published in March 2021. Innovate Finance provided the secretariat with our colleagues at the City of London Corporation. 

Innovate Finance is working with our members and other stakeholders to push forward the Review’s recommendations. 

Click here to read more about the Review and its recommendations.

SME Finance 

Over the last ten years, FinTechs have led the way in increasing the supply of finance for the UK’s small and medium sized businesses (SMEs). These alternative lenders, including ‘challenger banks’ and platform finance, have achieved this despite regulatory and policy barriers.  

Innovate Finance is working with our members and other stakeholders to secure a level playing field for alternative lenders, so they can do even more to support SME recovery and growth.

FinTech Regulation 

Innovate Finance supports the development of the UK’s world-leading regulatory regime to ensure it strikes the appropriate balance between encouraging innovation and protecting consumers. As technology and markets develop, we support the extension of the regulatory perimeter to include new products and services. Regulation should provide effective consumer protection, trust and confidence in the market, and enable innovative products and services that meet consumer needs and strengthen financial wellbeing. 

 Regulation should be proportionate, maintaining UK competitiveness and not acting as a barrier or disproportionate burden on startups and scaleups; and should take a ‘digital by default’ approach that enables outcomes to be achieved through digital channels, including compliance through RegTech solutions.

Innovate Finance works with members to shape regulatory proposals, identify regulatory issues, and strengthen regulators’ understanding of Fintech.

Net Zero

FinTech has a huge role to play in the race against climate change: creating the tools and infrastructure, enabling consumers to take action, and embedding Net Zero in capital markets.

Our work on climate change aims to:

  • Champion the role of our members and Fintech as the heart of UK’s global green finance expertise
  • Celebrate what members are doing already
  • Challenge them to do more
  • Support members with tools and workshops
  • Advocate changes needed to unleash NetZero fintech and address regulatory and policy barriers

Download the Role of FinTech in NetZero White paper

Fill out the details below to access the white paper

Trade policy

Trade policy is ever more important to UK FinTech, as regulators around the world develop their approach to new products and services and the UK Government builds new trading relationships and forges new agreements on digital trade and financial services.

Our trade policy work aims to remove barriers to trade faced by UK FinTechs in overseas markets, whether through cross-border services and trade or investment and establishment of services. We are working with our members and other stakeholders to identify trade policy priorities for UK Fintech and specific issues in key markets and to engage with government and regulators to advance these.

Innovation in unsecured credit 

Following the publication of the Woolard Review, Innovate Finance is working to convene and enable engagement between policy makers and members on innovation in unsecured credit. 

We are focusing on how to ensure the regulatory approach to this part of FinTech is proportionate, striking a balance between providing consumer protection and confidence, and fosters innovation and provides consumers with choice.

You can read our statement on the UK Government consultation on regulation of buy now, pay later credit here

Open Finance 

The Kalifa Review identified Open Finance as one of the biggest opportunities for improving financial advice and financial outcomes for consumers. As Open Finance moves from concept to reality, Innovate Finance wants to ensure the FinTech voice is heard in debates and discussions on the creation and implementation of this exciting innovation. 

Our Open Finance programme has two elements: to inform and educate the wider ecosystem on what a financial services sector using Open Finance will look like and how the market stands to benefit; and to engage with regulators and government to shape how Open Finance is moved forward. In order to do this, we will be working closely with our members, creating opportunities for cross-ecosystem engagement and dialogue via roundtables, public events and content creation. 

Consultation responses, research, news and insights 

Please see below for recent Innovate Finance publications and responses to government consultations.



Innovate Finance and InChorus response to PRA, Bank ofEngland and FCA DP2/21 – Diversity and inclusion in the financial sector – working together to drive change – Innovate Finance and our partner InChorus responded to this discussion paper from the FCA, PRA and Bank of England to give our views on how we can accelerate the pace of meaningful change on diversity and inclusion in the sector.

Innovate Finance response to FCA CP21/21 Primary Markets Effectiveness Review – We were pleased to see the FCA’s proposals for reforms to the UK listings regime, with the proposed introduction of dual-class share structures and a reduction in the minimum free float for the premium segment. These were two key recommendations from the Kalifa Review, designed to encourage more high-growth founder-led businesses to IPO in London. We and our members believe that these proposals will certainly help in achieving that aim



Innovate Finance response to DCMS Digital identity and attributes consultation, September 2021 – This digital ID consultation focused on the proposed governance structure for this new technology. In our submission, we highlighted the need to create a level playing field to encourage as many providers as possible to participate in the digital ID framework, and we encouraged the government to think internationally, so that the UK framework can be considered world-leading and exportable.



Innovate Finance response to “A New Consumer Duty” FCA CP21/13 – Innovate Finance welcomes the thrust of the new proposals for refreshed Consumer Duty , which will do much to enhance consumer protection. Nevertheless, as we highlighted in our response to the FCA, there were a few areas where we think the new Duty should take into account the specific needs of FinTech.

Lobbying policy and record

A key part of our role at Innovate Finance is to engage government, regulators and policy makers to deepen their understanding of Fintech, advocate policies and approaches to regulation that will maintain the UK’s position as a global FinTech hub and identify where and how Fintech can help achieve wider economic, social and environmental outcomes.  We therefore lobby on behalf of our members, giving UK FinTech a collective voice.

In addition to legal requirements, our approach is guided by the principles of acting for the interest of the ecosystem, political impartiality, and transparency.

Read more about our lobbying policy here.

Find out how you can get involved