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Vendorcom welcomes CBI's Funding our Future Report

Vendorcom welcomes CBI's Funding our Future Report

Vendorcom, the cross-sector payment services business hub which shares best practice, knowledge, technologies and opportunities for collaborative innovation welcomes The CBI's Funding our Future report, published today.

The report is the result of conversations with financial services firms across the UK, including Vendorcom and illustrates how the sector is a crucial enabling industry for the wider British economy. With over 1.1 million people working in the industry across every region of the UK, financial services contributed £72 billion in tax last year – 11% of total government tax receipts, or half the planned NHS budget – and accounted for 7% of demand for other sectors’ goods and services.

The sector’s products and services, from insurance to payments, are also a major driver of innovation and wider economic growth. But the sector is grappling with the challenges and opportunities of technological change, shifting tax and regulatory expectations, and new risks such as cybersecurity. While firms have welcomed the Government’s support for developments such as FinTech and a new regulatory sandbox, they need regulations that are fit-for-purpose in a new technological age. Among other proposals, the UK’s largest business group is suggesting:

You can find out more about Vendorcom's engagement with Government and Regulators at our Legislation & Regulation Special Interest Group (SIG). 

11th October 2018

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