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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

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

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

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

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

778762

	registered interest
	date	27/10/2017
	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, to which countries he has made representations in respect of building FinTech bridges.
	tabling member constituency	Islwyn
	tabling member printed	Chris Evans
	uin	110116
	answer	answer is ministerial correction date of answer 03/11/2017 answer text <p>FinTech, including opportunities for collaboration in this area, forms a key part of the UK’s bilateral financial services discussions. The UK currently has four FinTech Bridges – with Singapore, the Republic of Korea, China, and Hong Kong.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 03/11/2017 12:48:48 answering member 4095 label Biography information for Steve Barclay
	tabling member	4040 label Biography information for Chris Evans

778761

	registered interest
	date	27/10/2017
	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 recent assessment his Department has made of the benefits of FinTech to the UK economy.
	tabling member constituency	Islwyn
	tabling member printed	Chris Evans
	uin	110112
	answer	answer is ministerial correction date of answer 06/11/2017 answer text <p>Fintech offers a significant growth opportunity for the UK economy, providing new jobs, and delivering benefits to consumers through increased competition and innovation in financial services.</p><p> </p><p>The Fintech sector contributes £6.6bn annually to the economy, employing 60,000 people across 1,600 companies.</p><p> </p><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. In recent months I have held a roundtable with FinTech firms to discuss how to maximise opportunities for the sector and recently met the regional FinTech envoy to Scotland to discuss the benefits FinTech can offer across the UK.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 06/11/2017 11:54:49 answering member 4095 label Biography information for Steve Barclay
	tabling member	4040 label Biography information for Chris Evans

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