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City of London calls for coordinated fintech standards as Brexit looms

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City of London calls for coordinated fintech standards as Brexit looms

The City of London wants the U.K. government to strike a financial technology "sector deal" to coordinate regulatory standards, improve the sector's access to foreign markets and ensure its access to foreign talent, Reuters reported Oct. 12.

Citing a KPMG report on the industry it commissioned, the City urged the government to clarify the implications, particularly in terms of hiring staff from other countries, of Britain's exit from the EU.

The idea of a sector-specific deal comes from the national government's own industrial strategy discussion paper published in January, Reuters reported. The City sees the fintech sector presenting proposals to the government to "transform and upgrade" the industry. The report suggests the British Business Bank should provide the funding after 2019, when fintech firms will lose access to European Investment Fund.

The City of London administers the "Square Mile" financial district and frequently lobbies the government on behalf of the financial services sector.