The Government must go beyond cutting red tape and prioritise homegrown RegTech innovation if it wants to strengthen the UK's global competitiveness, according to Leo Labeis, CEO of REGnosys.
His comments come ahead of the Chancellor's first Autumn Budget next week. John Healey has reportedly ruled out a rise in capital gains tax and pledged to ease regulatory pressures on businesses, signalling a more supportive approach to British entrepreneurs.
However, Labeis argues that these measures alone will not be enough. As competition between global financial hubs intensifies, he says the UK must also invest in innovative technologies that help financial institutions navigate regulatory complexity, reduce costs and improve efficiency.
He believes the Budget presents an opportunity to turn ambition into action by building on the UK's existing RegTech strengths. Backing solutions that cut compliance costs and improve market resilience, he says, would reinforce Britain's position as a leading global financial centre.
"Keeping capital gains tax unchanged may reassure founders and investors, but tax stability alone won't secure the UK's fintech future," said Labeis. "With competition between global financial hubs intensifying, the Government must do more to attract investment and give businesses the confidence to scale."
He added: "The Autumn Budget is an opportunity to turn ambition into action. RegTech should be a priority. The UK has a clear competitive advantage through its world-class financial services industry, regulatory expertise and technology ecosystem, but it cannot afford to take that position for granted."
Labeis concluded: "As rising compliance costs and regulatory complexity put pressure on financial institutions, backing homegrown RegTech innovation could reduce inefficiencies, strengthen market resilience and boost competitiveness. If the Government is serious about securing the UK's position as a global financial leader, RegTech must be treated as a strategic priority, not an afterthought."
