Policy paper

Terms of Reference: March 2022 - Centre for Finance, Innovation and Technology Steering Committee

Published 4 April 2022

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Background

The Chancellor announced an independent review of UK Fintech in the 2020 Spring Budget. The Review was led by Ron Kalifa OBE and was published in February 2021 (The Kalifa Review of UK Fintech). The Kalifa Review recommended the establishment of a Centre for Finance, Innovation and Technology (CFIT). Following a successful bid as part of the Spending Review 2021, HM Treasury has been allotted £5 million of seed funding to set up CFIT.

Role and Remit

The vision for CFIT was set out in the Kalifa Review, which recommended the creation of a new private sector-led organisation focused on driving forward financial innovation. The purpose of CFIT is to bring together experts from across the ecosystem – including finance and tech – to identify and address barriers and opportunities for UK fintech.

Following publication of the Review, the concept of CFIT has been developed towards a focussed and streamlined model built around the ‘coalitions’ approach, and with a view to having maximum impact in supporting the growth of the sector. CFIT will operate as a virtual body, facilitating enhanced connectivity across the regions and providing research and data capabilities in financial technology and innovation.

The role of the SteerCo is to build on the work carried out to date to develop a credible and effective proposition for CFIT which catalyses and drives progress in financial services innovation. CFIT will need to reflect the interests of a range of interested parties, including from the broader financial services, technology and innovation sectors. This includes direct regional representation on the SteerCo. In particular, the SteerCo will be tasked with making proposals on the following points:

  1. CFIT’s short-term and long-term objectives
  2. A business plan that will support CFIT in meeting those objectives
  3. Long-term funding options for CFIT
  4. An initial coalition for CFIT to focus on
  5. Any digital or other infrastructure which CFIT might require to operate effectively

SteerCo proposals on the above will constitute recommendations for the CFIT only, with final decisions to be taken by the permanent CFIT board and executive team once established.

The work of the SteerCo is expected to be conducted through monthly meetings taking place across Spring/Summer 2022.

The SteerCo will be chaired by Ron Kalifa OBE. HM Treasury will be represented on the SteerCo. City of London Corporation will provide secretariat duties and the work of the SteerCo will be supported by an external consultancy.

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