Fintech—United Kingdom—Q&A guide
Fintech—United Kingdom—Q&A guide

The following TMT practice note provides comprehensive and up to date legal information covering:

  • Fintech—United Kingdom—Q&A guide
  • 1. What is the general state of fintech innovation in your jurisdiction?
  • 2. Do government bodies or regulators provide any support specific to financial innovation? If so, what are the key benefits of such support?
  • 3. Which bodies regulate the provision of fintech products and services?
  • 4. Which activities trigger a licensing requirement in your jurisdiction?
  • 5. Is consumer lending regulated in your jurisdiction?
  • 6. Are there restrictions on trading loans in the secondary market in your jurisdiction?
  • 7. Describe the regulatory regime for collective investment schemes and whether fintech companies providing alternative finance products or services would fall within its scope.
  • 8. Are managers of alternative investment funds regulated?
  • 9. Describe any specific regulation of peer-to-peer or marketplace lending in your jurisdiction.
  • More...

Fintech—United Kingdom—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to fintech in United Kingdom published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2020).

Authors: Simmons & Simmons LLP—Angus McLean; George Morris; Jo Crookshank; Kate Cofman-Nicoresti; Olly Jones; Penny Miller; Peter Broadhurst

1. What is the general state of fintech innovation in your jurisdiction?

The United Kingdom has been at the forefront of innovation in technology and finance for many years. Despite the ongoing uncertainty over the terms of the UK’s departure from the EU and the effects of the covid-19 pandemic, this remains the case today. As the worlds of technology and finance become increasingly linked, London, in particular, has the unique advantages of being the national centre of government and finance and having many world class universities nearby. Fintech businesses also benefit from the UK’s time zone, language and legal system.

Perhaps mindful of the potential effect of Brexit, the UK government remains committed to attracting start-ups and scale-up entrepreneurs and investors. The UK remains the leading jurisdiction within Europe for fintech activity. According to data from the UK's fintech trade association, Innovate Finance, in 2019 fintech companies in the UK attracted more capital and completed more deals than the rest of the top 10 European countries combined. Seven of the top 10 deals in Europe involved UK

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