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Kalifa Review - Finance Innovation Lab’s Response

– Finance Innovation Lab

  • Viewpoint
  • Posted by Good ID team (Good ID)
  • 19 March 2021

Finance Innovation Lab's response to the Kalifa Review - an independent report on the UK Fintech sector by Ron Kalifa OBE

This briefing note provides an overview of their response to the Kalifa Review and presents five asks of the government to take into account when responding to the review, and implementing its recommendations:

“1. Involve civil society and consumer groups 2. Prioritize financial and digital inclusion 3. Protect people’s data 4. Promote a diversity of business model 5. Support the existing physical infrastructure.”

Finance Innovation Lab believes the review’s prioritization of growth and competitiveness over social purpose and sustainability is misplaced, and that a golden opportunity that transforms fintech to promote democracy, sustainability, justice, and resilience has been missed.

It is our view that more competition does not necessarily equate to better choice or improved service, and there is a danger that the combination of fintech and big data could result in greater, not less, exclusion and discrimination

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