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747151

registered interest
date	30/06/2017
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 steps the Government is taking to (a) promote and (b) ensure adequate regulation of blockchain technology in the financial sector.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	2272
answer	answer is ministerial correction date of answer 07/07/2017 answer text <p>The government’s ambition is for the UK to consolidate its world-leading position in FinTech and to become the leading global hub for financial innovation. We have taken, and will continue to take, key policy steps to achieve this.</p><p> </p><p> </p><p>Blockchain technology could offer significant benefits across the economy, including in Financial Services. Accordingly, the Industry is assessing the potential benefits of blockchain and whether regulation is a barrier to innovation.</p><p> </p><p> </p><p>The government’s most direct interface with the FinTech industry is the Financial Conduct Authority (FCA), through its world-leading Innovation Hub to help innovative businesses that are looking to introduce ground-breaking products or services to financial services, a model being replicated around the world.</p><p> </p><p> </p><p>On 10 April, the FCA launched a discussion paper to gauge industry’s views on the future development of blockchain – and potential barriers to this - which closes in 17 July 2017. In addition, the FCA is continuing to learn from blockchain use cases being tested in its Regulatory Sandbox.</p><p> </p><p> </p><p>The government looks forward to hearing the outcome of the FCA’s work, and will act to remove identified barriers to the adoption of blockchain, or address identified risks, subject to wider objectives including financial stability and consumer protection.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 2190 question first answered 07/07/2017 10:39:04 answering member 4095 label Biography information for Steve Barclay
tabling member	4124 label Biography information for Chi Onwurah

746826

registered interest
date	29/06/2017
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 steps the Government is taking to promote the use of blockchain technology in the financial sector; and what assessment the Government has made of the need for greater regulation of blockchain technology in that sector.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	2190
answer	answer is ministerial correction date of answer 07/07/2017 answer text <p>The government’s ambition is for the UK to consolidate its world-leading position in FinTech and to become the leading global hub for financial innovation. We have taken, and will continue to take, key policy steps to achieve this.</p><p> </p><p> </p><p>Blockchain technology could offer significant benefits across the economy, including in Financial Services. Accordingly, the Industry is assessing the potential benefits of blockchain and whether regulation is a barrier to innovation.</p><p> </p><p> </p><p>The government’s most direct interface with the FinTech industry is the Financial Conduct Authority (FCA), through its world-leading Innovation Hub to help innovative businesses that are looking to introduce ground-breaking products or services to financial services, a model being replicated around the world.</p><p> </p><p> </p><p>On 10 April, the FCA launched a discussion paper to gauge industry’s views on the future development of blockchain – and potential barriers to this - which closes in 17 July 2017. In addition, the FCA is continuing to learn from blockchain use cases being tested in its Regulatory Sandbox.</p><p> </p><p> </p><p>The government looks forward to hearing the outcome of the FCA’s work, and will act to remove identified barriers to the adoption of blockchain, or address identified risks, subject to wider objectives including financial stability and consumer protection.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 2272 question first answered 07/07/2017 10:39:04 answering member 4095 label Biography information for Steve Barclay
tabling member	4124 label Biography information for Chi Onwurah

693150

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	Financial Services: Technology
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 whether the retail banks' terms and conditions are a barrier to FinTech innovation.
tabling member constituency	North Warwickshire
tabling member printed	Craig Tracey
uin	65016
answer	answer is ministerial correction date of answer 02/03/2017 answer text <p>The Treasury is working hard to promote the UK FinTech industry.</p><p> </p><p>At Autumn Statement the government announced specific measures to boost the industry: the Treasury commissioned EY to produce an annual ‘State of UK FinTech’ report on key FinTech metrics to raise the profile of FinTech as an investment opportunity.</p><p> </p><p>The Treasury has also appointed regional FinTech envoys for the Northern Powerhouse and Scotland to build networks and raise awareness of opportunities in these regions - alongside Special Envoy, Eileen Burbidge, whom the Treasury appointed last year to promote the UK FinTech sector at home and abroad.</p><p> </p><p>Together with the Department for International Trade, the Treasury is hosting an International FinTech Conference, on 12 April 2017 in London, to showcase UK FinTech firms to investors from across the globe.</p><p> </p><p>The Treasury is establishing FinTech bridges, which provide opportunities for UK FinTechs that want to scale-up internationally. By establishing links between Government, regulators and private sectors, FinTech Bridges reduce the barriers to entry in new jurisdictions and link UK FinTechs with opportunities for international investment. The UK currently has 3 FinTech Bridges with Singapore, the Republic of Korea and China.</p><p> </p><p>The Treasury is also launching a FinTech Delivery Panel, designed to bring the industry together to develop an overarching FinTech strategy for the UK and to monitor and drive forward FinTech initiatives.</p><p> </p><p>The Government continually engages with the Fintech industry and has not found any significant barriers for innovation arising from bank terms and conditions.</p><p> </p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby grouped question UIN 65015 question first answered 02/03/2017 11:32:28 answering member 3929 label Biography information for Simon Kirby
tabling member	4509 label Biography information for Craig Tracey

693154

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	Financial Services: Technology
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps his Department is taking to promote the UK's FinTech industry.
tabling member constituency	North Warwickshire
tabling member printed	Craig Tracey
uin	65015
answer	answer is ministerial correction date of answer 02/03/2017 answer text <p>The Treasury is working hard to promote the UK FinTech industry.</p><p> </p><p>At Autumn Statement the government announced specific measures to boost the industry: the Treasury commissioned EY to produce an annual ‘State of UK FinTech’ report on key FinTech metrics to raise the profile of FinTech as an investment opportunity.</p><p> </p><p>The Treasury has also appointed regional FinTech envoys for the Northern Powerhouse and Scotland to build networks and raise awareness of opportunities in these regions - alongside Special Envoy, Eileen Burbidge, whom the Treasury appointed last year to promote the UK FinTech sector at home and abroad.</p><p> </p><p>Together with the Department for International Trade, the Treasury is hosting an International FinTech Conference, on 12 April 2017 in London, to showcase UK FinTech firms to investors from across the globe.</p><p> </p><p>The Treasury is establishing FinTech bridges, which provide opportunities for UK FinTechs that want to scale-up internationally. By establishing links between Government, regulators and private sectors, FinTech Bridges reduce the barriers to entry in new jurisdictions and link UK FinTechs with opportunities for international investment. The UK currently has 3 FinTech Bridges with Singapore, the Republic of Korea and China.</p><p> </p><p>The Treasury is also launching a FinTech Delivery Panel, designed to bring the industry together to develop an overarching FinTech strategy for the UK and to monitor and drive forward FinTech initiatives.</p><p> </p><p>The Government continually engages with the Fintech industry and has not found any significant barriers for innovation arising from bank terms and conditions.</p><p> </p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby grouped question UIN 65016 question first answered 02/03/2017 11:32:28 answering member 3929 label Biography information for Simon Kirby
tabling member	4509 label Biography information for Craig Tracey

648671

registered interest
date	30/11/2016
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 assessment he has made of the potential effect on the financial technology sector of the UK exiting the EU; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	55709
answer	answer is ministerial correction date of answer 05/12/2016 answer text <p>The UK remains very much open for business and the Government is committed to supporting the financial technology sector, as demonstrated by the Autumn Statement which announced a £400 million increase in funding for the British Business Bank, alongside a package of FinTech specific measures.</p><p> </p><p>We have been clear that we are committed to getting the best possible deal for trade in UK goods and services.</p><p> </p><p>The government is maintaining an open dialogue with the financial technology sector as it prepares to withdraw from the EU.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 05/12/2016 16:18:30 answering member 3929 label Biography information for Simon Kirby
tabling member	163 label Biography information for Sir Stephen Timms

604704

registered interest
date	18/10/2016
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 assessment his Department has made of the implications of online and mobile applications which require automated access to a user's banking details for (a) accessibility of banking, (b) digital inclusion, (c) users' banking security and (d) consumer rights.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	49306
answer	answer is ministerial correction date of answer 21/10/2016 answer text <p>The government is committed to increasing competition in banking to improve outcomes for consumers. This includes establishing a competitive and innovative environment where banks deliver greater choice and value to their customers. A key element of this vision is ensuring the UK remains the world-leader for financial technology (FinTech).</p><p> </p><p>The Competition and Markets Authority recognised the potential of FinTech and open banking in its retail banking market investigation by requiring the nine largest UK banks to develop and adopt an open banking standard for application programming interfaces (APIs) to allow access to customer account information as set out in the revised Payment Services Directive (PSDII) which comes into force in January 2018.</p><p> </p><p>This will deliver a common standard for technology that allows the sharing of bank data, allowing authorised third parties to access information such as customer banking details and usage, prices and service quality.</p><p> </p><p>Harnessing the potential of open banking means that customers will be able to more easily access high quality, low cost banking services, and improve digital engagement with financial services by helping customers better understand where they could get a better deal. PSDII will set out requirements for enhanced security and consumer protections for online and mobile applications accessing users’ banking details from January 2018. The government will be consulting on the transposition of this directive shortly.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 21/10/2016 12:38:58 answering member 3929 label Biography information for Simon Kirby
tabling member	4124 label Biography information for Chi Onwurah

584203

registered interest
date	15/09/2016
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 support he is providing to Fintech after the vote to leave the EU.
tabling member constituency	Welwyn Hatfield
tabling member printed	Grant Shapps
uin	46510
answer	answer is ministerial correction date of answer 14/10/2016 answer text <p>The UK is recognised as the world’s leading FinTech capital, with recent reports such as EY’s ‘UK FinTech: on the cutting edge’ and Deloitte’s ‘Connecting Global FinTech: Hub Review 2016’ placing the UK and London as the number one location for FinTech in the world.</p><p> </p><p>The government is determined to continue to help support UK FinTech firms as they innovate and grow, and wants to ensure that the UK remains the location of choice for FinTech firms. As such, we are continuing to implement a range of our previously announced policies which are designed to reduce barriers to entry for FinTechs, help industry accelerate the development of key FinTech initiatives and ease access to foreign markets. We are also assessing other initiatives which can further help support the growth of UK FinTech, in consultation with the industry.</p><p> </p><p>In July, we launched our second FinTech Bridge with the Republic of Korea – increasing the opportunities for trade and investment between our two nations on FinTech, and deepening regulatory and government collaboration.</p><p>Following the vote to leave the European Union, the government is engaging extensively with the sector. I will be meeting with the sector this month to discuss what they are looking for out of the European negotiations, and what more the government can do in the short and medium term to support the sector.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 14/10/2016 09:41:18 answering member 3929 label Biography information for Simon Kirby
tabling member	1582 label Biography information for Grant Shapps