Innovate Finance - FinTech industry body
A new industry body designed to unify and accelerate growth in technology-led financial services innovators has launched.
Lending Works is pleased to be a founding member of the body, which was unveiled by George Osborne, Chancellor of the Exchequer, on 6 August 2014. The launch is intended to cement Britain as a global leader of the Financial Services Technology (FinTech) sector.
Mr Osborne said: “I want the UK to lead the world in FinTech. We have all the ingredients we need. With the right help from government, we can turn London into the FinTech capital of the world. We will ensure a regulatory environment that gives FinTech companies and alternative finance lenders the ability to innovate.”
Specific actions he announced include:
- £100m of funding for FinTech businesses
- A review of the FinTech sector to highlight key growth areas
- New legislation meaning banks will be required to forward customers they have declined to alternative lenders
Innovate Finance is backed by the City of London Corporation (lead sponsor) and Canary Wharf Group Plc (founding sponsor), who have together funded £600,000 to support its launch. Other supporters include UK Trade & Investment.
The founding members of the body are broad in their demographic, however they have one common goal - to use technology innovation to advance financial services. Included within the founding members are banks, global insurance companies and financial innovators such as Lending Works.
More information can be found on the Innovate Finance website, by clicking here: http://www.innovatefinance.com/
Our website offers information about saving, investing, tax and other financial matters, but not personal advice. If you're not sure whether peer-to-peer lending is right for you, please seek independent financial advice, and if you decide to invest with Lending Works, please read our Key Lender Information PDF first.
Wednesday’s Budget speech, coupled with the cut to Bank of England rates, represented a decisive response to the coronavirus. Here we analyse the impact it will have on mitigating disruption from Covid-19, along with the long-term implications of this significant fiscal stimulus.
Rumblings from the Treasury ahead of next week's Budget suggest tax grabs will be needed to fund increased spending, and it appears UK enterprise could be in the firing line. Here we articulate why targeting entrepreneurs and small business is ill advised.
In a difficult climate, customer acquisition and lead generation present stern challenges for UK retailers, and a great deal of marketing spend invariably gets directed towards getting feet through the door.
Over the last decade, there can be little dispute that the reputation of mainstream banks – and particularly the so-called ‘Big Four’ (HSBC, Barclays, Lloyds and RBS) – is at its lowest ebb.
The 2019-20 ISA season has been a damp squib, with banks disinterested in attracting savers’ cash, rates cut, and the stock market in freefall. However, the emergence of the IFISA means alternatives beckon for those seeking a stable middle ground in terms of risk and reward.
In a decade of slow recovery, the rapid rise in asset prices has been the standout. But how sustainable has price growth been, and could we be in the midst of a bubble?