Leaders of London’s fintech community have rubbished new guidelines for improving collaboration between start-ups and banks, with one founder describing them as an insult to people’s intelligence.

The reaction to a November 7 document from the Fintech Delivery Panel — a think-tank with close ties to the UK Treasury — comes as young, innovative companies struggle to sell to banks in the City of London, many of which are reluctant to open their doors to unproven businesses and technologies.