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850750

registered interest
date	27/02/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of RegTech's potential effect on reducing the administrative burden of regulation.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	129986
answer	answer is ministerial correction date of answer 07/03/2018 answer text <p>RegTech has significant potential to reduce the administrative burden of regulation. The Financial Conduct Authority is already aware of the opportunities associated with RegTech, and have run a series of ‘tech sprints’ intended to address specific industry challenges.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 07/03/2018 13:47:09 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

833804

registered interest
date	30/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Technology
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote financial technology.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	125562
answer	answer is ministerial correction date of answer 07/02/2018 answer text <p>Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.</p><p> </p><p>The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.</p><p> </p><p>The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125567 125568 question first answered 07/02/2018 12:24:05 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

833809

registered interest
date	30/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote alternative finance.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	125567
answer	answer is ministerial correction date of answer 07/02/2018 answer text <p>Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.</p><p> </p><p>The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.</p><p> </p><p>The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125562 125568 question first answered 07/02/2018 12:24:05 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

833810

registered interest
date	30/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Technology
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the contribution of financial technology to the UK’s financial sector.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	125568
answer	answer is ministerial correction date of answer 07/02/2018 answer text <p>Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.</p><p> </p><p>The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.</p><p> </p><p>The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125562 125567 question first answered 07/02/2018 12:24:05 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

832915

registered interest
date	29/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Services: Competition
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effectiveness of Open Banking in encouraging consumers to switch current accounts.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	125231
answer	answer is ministerial correction date of answer 05/02/2018 answer text <p>The Current Account Switch Service (CASS), have conducted research which suggests that Open Banking will allow consumers to better understand the value of their current account, and compare it with competing products, potentially leading to an increase in switching. CASS will continue to monitor the impact of Open Banking on account switching.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 05/02/2018 15:11:44 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

830145

registered interest
date	24/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote tax simplification.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	124820
answer	answer is ministerial correction date of answer 01/02/2018 answer text <p>The government is committed to having a tax system that is simple to understand and easy to comply with. At Budget the government took a number of practical steps to simplify the tax rules for businesses and charities which included:</p><ul><li>Extending the option of using mileage rates to property businesses,</li><li>Ending receipt checking on subsistence costs and</li><li>Simplifying the Gift Aid donor benefits rules for charities.</li></ul><p> </p><p>These measures build on the action taken by the government since 2010 to simplify the tax system including:</p><ul><li>Establishing the Office of Tax Simplification and then putting it on a permanent, statutory basis</li><li>Implementing around half of the OTS’s recommendations since 2010.</li></ul> answering member constituency Central Devon answering member printed Mel Stride question first answered 01/02/2018 14:49:15 answering member 3935 label Biography information for Mel Stride
tabling member	1586 label Biography information for Adam Afriyie

830146

registered interest
date	24/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Technology
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what role financial technology plays in promoting financial inclusion; and if he will make a statement.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	124821
answer	answer is ministerial correction date of answer 31/01/2018 answer text <p>Financial technology plays an important role in promoting financial inclusion and capability. Banks and fintech firms use new technology to make it easy for consumers to save and invest money, receive better financial advice, and access cheaper, more appropriate loans and overdrafts.</p> answering member constituency Salisbury answering member printed John Glen question first answered 31/01/2018 14:51:08 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

830170

registered interest
date	24/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Customs
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what plans his Department has to increase the efficiency of customs clearance processes.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	124836
answer	answer is ministerial correction date of answer 01/02/2018 answer text <p>The new CDS (Customs Declaration Service) will replace the current customs declaration computer system (CHIEF) in January 2019. CDS will provide businesses engaged in international trade with a robust, modern and flexible customs declaration service.</p><p> </p><p>‘The Customs Future Partnership Paper’ published on 15 August 2017 sets out the Government’s aspirations for future customs arrangements with the EU. The two new models proposed are:</p><p>- A highly streamlined customs arrangement</p><p>- A new customs partnership with the EU</p><p> </p><p>The precise nature of any new customs arrangement will be determined in negotiations with the EU.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 01/02/2018 14:47:26 answering member 3935 label Biography information for Mel Stride
tabling member	1586 label Biography information for Adam Afriyie

705878

registered interest
date	22/02/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Science and Technology
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what fiscal steps he is taking to encourage investment in innovative UK science and technology projects.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	908969
answer	answer is ministerial correction date of answer 28/02/2017 answer text <p>As my Rt Honerable Friend the Chancellor of the Exchequer announced at Autumn Statement, the government is significantly increasing investment in R&amp;D, rising to an extra £2 billion a year by 2020-21; the largest increase in any parliament since at least 1979.</p><p> </p><p>This includes an Industrial Strategy Challenge Fund, which will support collaborations between businesses and the UK’s world-leading science base.</p><p> </p><p>This will ensure the UK remains an attractive place for businesses to invest in innovative research, and that the next generation of discoveries are made, developed and produced in Britain.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 28/02/2017 15:04:15 answering member 1529 label Biography information for Mr David Gauke
tabling member	1586 label Biography information for Adam Afriyie

520628

registered interest
date	23/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Services: ICT
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the role of financial technology in encouraging consumers to switch their current account.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	37958
answer	answer is ministerial correction date of answer 01/06/2016 answer text <p>The government is committed to increasing competition in banking to improve outcomes for consumers. This includes delivering the Current Account Switch Service (CASS) which allows customers to switch their personal or business current account where they see a better deal – simply, quickly and reliably. Consumers have switched over 2.8 million times since the service was launched in 2013.</p><p> </p><p>Making it easier for people to understand and compare banking products and services can help drive consumer engagement and could lead to an increase in switching. Financial technology is an important part of this.</p><p> </p><p>In its recent provisional decision on remedies, the Competition and Markets Authority (CMA) proposed requiring the largest retail banks in Great Britain and Northern Ireland to develop and adopt an open API banking standard by early 2018.</p><p>This will make it easier for financial technology firms to make use of customer bank data in a variety of innovative ways, including providing services that make it easier for consumers to compare products and shop around for a better deal.</p><p> </p><p>The government welcomes the CMA’s ongoing work as a crucial step towards the goal of a highly competitive banking sector, and stands ready to take action as necessary once the CMA publishes its final report in the summer.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 01/06/2016 13:51:23 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1586 label Biography information for Adam Afriyie