The Mansion House Accord is an “important step forward” as the UK works towards a “tech-positive” regulatory regime, according to Innovate Finance boss Janine Hirt.
Announced on Tuesday, the agreement will see 17 pension schemes and providers commit a minimum of 10% of their defined contribution default funds towards private investment, with at least half earmarked for British ventures.
The deal, which expands the previously announced Mansion House Compact, has been welcomed by Hirt, who runs the UK’s fintech industry body.
“This represents an important step forward in unlocking capital to fuel the UK’s high-growth sectors – and nowhere is this more urgent than in fintech,” Hirt said.
“The UK is home to a world-leading fintech ecosystem that drives financial inclusion, innovation, and economic growth, yet our firms face a chronic scale-up capital gap.”
The Innovate Finance chief executive said the development was a “timely complement to the broader agenda” championed by the group. “A regulatory regime that is tech-positive and outcomes-based, a progressive capital landscape, and a supportive policy environment that accelerates rather than inhibits growth,” Hirt added.
The government has been instructing regulators to prioritise growth in their regimes, in line with Labour’s flagship Plan for Change strategy, which emphasises the economic contributions of the technology sector.
Hirt continued: “The accord is a critical enabler, and we look forward to continued collaboration between government, regulators, and industry to make it a lasting success.”
Read more: Mansion House Accord is boost for UK innovation – and pension funds
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