Havant MP Alan Mak meets FinTech leaders and asset managers to discuss economic growth

The Shadow Secretary of State for Science, Innovation and Technology took part in a roundtable organised by The Investment Association.

The roundtable included FinTech CEOs, representatives from some of the UK's largest asset managers and members of the IA's Engine Advisory Panel. Engine is a specialist accelerator which connects FinTech with investment managers and supports their growth.

The discussion centred on the role FinTech and investment management play in spurring economic growth, as well as the opportunities, challenges and barriers to starting and scaling FinTechs in the UK.

It also looked at the role technology can play in transforming this sector, from advances in AI and machine learning algorithms to blockchain and quantum computing.

The IA represents the UK's world-leading investment management industry and champions UK investment management to support British savers, investors and businesses.

Its 250 members collectively manage £9.1 trillion on behalf of clients in the UK and around the world.

More than 80 per cent of UK households use the services of an IA member, mostly to grow their private pensions but also through products such as ISAs.

Mr Mak said: "It was good to meet with FinTech leaders and asset managers and hear about what's happening in this sector.

"Investment management is the key to growth and has an important role to play in boosting FinTech by backing start-ups.

"We need to use advances in technology to make consumer investment more accessible, which in turn will increase available funding and boost our economy in the Havant Constituency and across the UK."