• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Sponsor/Partner
  • Online Promotions

promotes diversity, champions female talent

  • Home
  • About
    • WiC Team
    • Volunteer Hospitality Team
    • Charitable Commitment
  • Knowledge Bank
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017 and earlier
    • City of London Fact Sheet
    • First British Women
  • Reach our Community
    • Jobs Board
    • Sponsor/Partner
    • Online Promotions
    • Case Studies
    • Metrics
    • Media Pack
  • Awards Programme
    • Future Leaders Award (2010-17)
    • Woman of Achievement Award (2007-15)
  • Contact us
  • Media Comment

UK FinTech sector set to top 100,000 employees by 2030

8 May, 2018 By WiC

However, 82% of companies say they already face difficulties in recruiting non-EEA migrants

Innovate Finance, the independent membership association that represents the UK’s global FinTech community, alongside WPI Economics, recently released a report on the potential effects on the UK FinTech sector of future changes to the country’s immigration policy. The report provides new insight on the scope of the UK FinTech sector which currently represent.

76,500 employees of whom 42% are from overseas (28% from EEA countries, and 14% from non-EEA countries).

The report also forecasts that on current performance the sector is set to grow to more than 100,000 employees, and the number of UK FinTech companies more than double to 3,300, by the year 2030. However, 82% of companies say they already face difficulties in recruiting non-EEA migrants. Under the most likely scenario for future immigration policy, in which the system for EEA migrants moves closer to that for non-EEA migrants, the report predicts a shortfall of 3,200 highly-skilled workers by 2030, at a cost to the UK FinTech sector of £361m.

Innovate Finance is proposing six policy principles as a foundation to develop a proportionate policy response and mitigate the impact of uncertainty on the FinTech sector, including the need to redefine the meaning of “highly-skilled” worker in today’s global jobs market.

Important findings include:

  • UK FinTech sector set to top 100,000 employees by the year 2030 with 30,000 new jobs created.
  • UK FinTech sector highly dependent on global talent with 42% of employees from outside the UK, 28% of which are drawn from the European Economic Area.
  • Failure to maintain a flexible immigration policy could harm the attractiveness of the UK as a place to do business and could lead to a shortfall in highly-skilled workers, resulting in a potential loss of £361m to the UK FinTech sector.
  • Innovate Finance calls for further coordinated action on accessing global talent and at the same time developing local skills to ensure a workforce fit for the future.

Charlotte Crosswell, CEO of Innovate Finance said:

Access to talent is a perennial issue, and one which affects all sectors of our economy. This is not in light of Brexit, but Brexit shines a light on it and risks exacerbating the issue further. Without a flexible approach, the UK FinTech sector stands to lose its global pre-eminence with FinTech companies already facing challenges in recruiting appropriate skills and talent. However, the potential size of the loss has not yet come to pass and if managed correctly, may not materialise. It is up to policy-makers, industry and academia to propose sensible recommendations to mitigate the impact of these findings and to ensure sectors such as FinTech continue to be an engine for UK innovation and growth.

Catherine McGuinness, Policy Chairman of the City of London Corporation added:

As the financial services sector increasingly turns to technology to shape its future, it’s essential that the UK is able to attract international talent to unlock the full potential of this thriving industry.

This data shows that more than one in four FinTech workers hail from the EU or EEA and shines a spotlight on the urgent need to clarify an immigration policy for European workers ahead of the UK’s departure from the bloc in March next year.

The sector’s growth and technological entrepreneurialism depend on it.

Download Report

Visit our searchable Knowledge Bank for a range of reports and studies on gender diversity, leadership and related topics.

Tweet

Share this:

  • Twitter
  • LinkedIn
  • Pocket
  • WhatsApp
  • Facebook
  • Email
  • Print

Related

Filed Under: Reports Tagged With: finance, financial services, fintech

Primary Sidebar

visit our career website

Discover how to ensure your financial future

Sexual Harassment advice line

Reach our Community

There are various ways to reach our highly engaged and targeted community.

Promote your product or service with a dedicated solus e-blast

Got a job vacancy?
Why not promote it on our Jobs Board?

Brand Partners support WiC throughout the year and enjoy a range of special privileges.

get healthy in the city

busines healthy in the City

Sign up to the Tech Charter

vIEW fINANCE CHARTER SIGNATORIES

get active in the city

Go on – shop!

Footer

Video Highlights

  • FL Award Launch 2016
  • Strictly Democracy 2014
  • Importance of Networking 2014
  • Abseil Lloyds Building 2014
  • Lunch 2013
  • Women in Leadership 2013
  • Tea with a Twist 2013
  • Lunch 2012
  • Celebration Evening 2012

Legal

  • Statutory Information
  • Terms and Conditions
  • Privacy Statement
  • CSR Policy
  • Social Media Policy
  • Data Protection Policy

Copyright © 2022 · Networking Culture Limited / Women in the City