Greater government oversight, hand-holding by regulators and a £1bn growth capital fund must be considered at pace if the UK is to remain a global leader for financial innovation, a landmark Treasury-commissioned review of the country’s fintech sector has concluded.

The 106-page report outlined a number of proposals which will help the UK build “a strategy and a delivery model for a sector where we’re number one”, Ron Kalifa, former Worldpay chief executive and lead author of the review, told Financial News.