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Peer2Peer Finance News | October 20, 2017

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UK fintech’s access to top talent “will not stop” after Brexit

UK fintech’s access to top talent “will not stop” after Brexit
Suzie Neuwirth

THE UK fintech sector’s access to top global talent will not stop after Brexit, the economic secretary to the Treasury said on Wednesday.

Simon Kirby told Peer-to-Peer Finance News that he was confident the government would secure “the best possible deal” in its negotiations with the EU and said fintech firms should not worry about attracting top-quality staff from the bloc after the UK leaves.

“The prime minister has been quite clear that we want to control immigration, not stop it,” said the City minister at the government’s first international fintech conference in London.

“I’ve reassured people before and am happy to say it again – that access will not stop.”

Read more: Hammond underlines importance of fintech for UK economy

The UK’s fintech sector – and peer-to-peer lending in particular – employs a high number of EU citizens. A number of platforms have expressed concerns to P2PFN about attracting the best staff after Brexit.  

A House of Lords committee last December warned that the fintech sector relies on staff from overseas to a greater degree than the wider financial services sector and so would be more acutely affected by the smaller talent pool.

The government triggered Article 50 in March this year, setting a two-year deadline for the UK to complete its disentanglement from the EU.

Read more: EU mulls fintech passporting in blow to London