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971557

	registered interest
	date	11/09/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	What assessment he has made of the potential contribution of FinTech to the economy.
	tabling member constituency	East Renfrewshire
	tabling member printed	Paul Masterton
	uin	906802
	answer	answer is ministerial correction date of answer 11/09/2018 answer text Fintech contributes more than £6bn to the economy annually, employing 60,000 people across 1,600 companies. answering member constituency Salisbury answering member printed John Glen question first answered 11/09/2018 16:12:34 answering member 4051 label Biography information for John Glen
	tabling member	4625 label Biography information for Paul Masterton

1061161

	registered interest
	date	14/02/2019
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to encourage small businesses to invest in and utilise FinTech.
	tabling member constituency	Berwickshire, Roxburgh and Selkirk
	tabling member printed	John Lamont
	uin	221819
	answer	answer is ministerial correction date of answer 22/02/2019 answer text <p>The UK has been independently ranked by EY and Deloitte as the world’s leading hub for Fintech. The ambitious Fintech Sector Strategy, launched in March 2018 by the Chancellor, sets out how the Government intends to maintain that position.</p><p> </p><p>This thriving Fintech community is an advantage for small UK businesses, who benefit from easy access to a range of services including foreign exchange, loans, equity investment and invoice finance. The British Business Bank’s annual Small Business Finance Markets report, published on 11 February, states that the value of peer-to-peer business lending rose a further 18% in 2018, having increased by 51% in 2017.</p><p> </p><p>The same report notes that awareness among small businesses is also increasing, with 52% aware of peer-to-peer lending as an option (2017: 47%) and 70% aware of equity crowdfunding (2017: 60%). The British Business Bank’s portal for small businesses, the Finance Hub, has extensive information for small businesses on finance options including those available through Fintech providers and how to access them.</p><p> </p> answering member constituency Kingswood answering member printed Chris Skidmore question first answered 22/02/2019 13:05:28 answering member 4021 label Biography information for Chris Skidmore
	tabling member	4608 label Biography information for John Lamont

968258

	registered interest
	date	05/09/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the Government’s policy is on financial support for UK Fintech companies in the event of the UK leaving the EU without a deal.
	tabling member constituency	Enfield North
	tabling member printed	Joan Ryan
	uin	170663
	answer	answer is ministerial correction date of answer 13/09/2018 answer text <p>UK FinTech companies can have confidence that the government is committed to leaving the EU in a way that underpins prosperity and avoids unnecessary disruption and costly cliff edges for businesses. We and the UK regulators are taking the necessary steps to ensure that Financial Services firms are prepared for the unlikely event of the UK leaving the EU without a deal. While there are no plans to provide financial support for UK Fintech companies in this instance, they will continue to benefit from existing government programmes, including a 10-year action plan intended to unlock over £20 billion of investment to finance growth in innovative firms that was announced at Autumn Budget in 2017.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/09/2018 09:30:13 answering member 4051 label Biography information for John Glen
	tabling member	166 label Biography information for Joan Ryan

1142217

	registered interest
	date	25/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to increase the level of support it provides to the FinTech sector in the UK.
	tabling member constituency	St Albans
	tabling member printed	Mrs Anne Main
	uin	282253
	answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The UK has been independently ranked as the best place in the world to start and grow a Fintech firm, and the government is committed to maintaining the UK’s leading edge in the sector. That is why the government has delivered against all of the commitments made in the Fintech Sector Strategy, which was launched last year.</p><p> </p><p>The government announced at Mansion House 2019 that HM Treasury would launch a review into the payments landscape, which looks to ensure that regulation and infrastructure is able to keep pace with new payments models. The government also announced that it would explore building on the success of Open Banking by developing an agenda for ‘Open Finance’, looking at ways to safely and securely share data across a wider range of financial services products. This will further revolutionise the sector and increase the ability of Fintech firms to compete with traditional financial services firms.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/09/2019 10:00:44 answering member 4051 label Biography information for John Glen
	tabling member	1568 label Biography information for Mrs Anne Main

1463115

	registered interest
	date	16/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what progress he has made on implementing the recommendations in The Kalifa Review of UK FinTech.
	tabling member constituency	Vale of Glamorgan
	tabling member printed	Alun Cairns
	uin	2473
	answer	answer is ministerial correction date of answer 24/05/2022 answer text <p>The Government responded to the Kalifa Review of UK Fintech on 26 April 2021, setting out actions alongside regulators to ensure the UK remains at the global cutting edge of technology and innovation in financial services.</p><p> </p><p>These actions include improved regulatory support for new and growing fintechs; initiatives to supercharge commercial support for UK fintechs seeking to expand internationally; and a new visa ‘scale up’ stream to attract global talent and boost the fintech workforce.</p><p> </p><p>The Government’s full response is available at: <a href="https://questions-statements.parliament.uk/written-statements/detail/2021-04-26/hcws938" target="_blank">https://questions-statements.parliament.uk/written-statements/detail/2021-04-26/hcws938</a>.</p><p> </p><p>On 29 October the Government announced £5 million of seed funding for a new Centre for Finance, Innovation and Technology (CFIT) as part for Spending Review 2021. CFIT was a central recommendation of the Kalifa Review, and it will focus on creating the right conditions for firms to scale, encouraging the mainstream adoption of fintech solutions, and fostering collaboration between growing regional fintech hubs. In March 2022 the CFIT Steering Committee, chaired by Ron Kalifa began an intensive programme of work on proposals for CFIT’s priorities, objectives, and operational requirements.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/05/2022 07:40:55 answering member 4051 label Biography information for John Glen
	tabling member	4086 label Biography information for Alun Cairns

1603998

	registered interest
	date	14/03/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what preparations he has made to legislate for the long-term regulatory framework for Open Banking once the Joint Regulatory Oversight Committee reports in 2023.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	165191
	answer	answer is ministerial correction date of answer 20/03/2023 answer text <p>UK Open Banking has been a great success story with over 7 million people in the UK now regularly using this technology to manage their money and to make payments.</p><p> </p><p>The Government is committed to maintaining the UK’s leadership in this field and sustaining momentum. We wish to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy.</p><p> </p><p>HM Treasury is working closely with the relevant regulators through the Joint Regulatory Oversight Committee to develop recommendations on the design of the future Open Banking entity. HM Treasury is also leading work to develop a long-term regulatory framework for this technology, underpinned by any necessary legislation.</p><p> </p><p>The Committee will release its recommendations in the coming weeks following joint statements in March and December 2022 which can be found at: <a href="https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking" target="_blank">https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking</a> and <a href="https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking" target="_blank">https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking</a>.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/03/2023 14:49:52 answering member 4874 label Biography information for Andrew Griffith
	tabling member	163 label Biography information for Sir Stephen Timms

1360635

	registered interest
	date	19/10/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of the proposal to establish a Global Centre for Secure and Intelligent Regulatory Technologies in Northern Ireland.
	tabling member constituency	Belfast South
	tabling member printed	Claire Hanna
	uin	58552
	answer	answer is ministerial correction date of answer 25/10/2021 answer text <p>The government is committed to maintaining the UK’s position a world-leading destination for fintech.</p><p> </p><p>In line with this ambition, the Government is taking forward key recommendations of the independent Kalifa Review of UK Fintech as part of ensuring the UK remains at the global cutting edge of technology and innovation in financial services.</p><p> </p><p>Government funding for future years will be confirmed as part of the Spending Review which will be announced on 27th October.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/10/2021 13:59:13 answering member 4051 label Biography information for John Glen
	tabling member	4827 label Biography information for Claire Hanna

1686123

	registered interest
	date	30/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of the impact of public markets on the (1) valuing, and (2) supporting, of fintech.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2057
	answer	answer is ministerial correction date of answer 13/02/2024 answer text <p>The government is committed to ensuring the UK is one of the best places in the world to start and scale a fintech.</p><p>In 2023, UK fintech attracted $5.1 billion in capital funding, second only to the US and more than the next 28 European countries combined.</p><p>The UK’s vibrant and dynamic capital markets remain some of the strongest and deepest globally, delivering capital to support high growth and innovative businesses.</p><p>The government is taking forward an ambitious programme of reforms to boost UK competitiveness, including taking forward the recommendations from the Investment Research Review, delivering on the recommendations of Lord Hill and the Chancellor’s Mansion House and Edinburgh Reforms. These will provide greater flexibility for firms raising capital on UK markets.</p><p>The government and regulators have also taken forward the key recommendations of the 2021 Kalifa Review of UK Fintech. This includes the creation of a new Centre for Finance, Innovation, and Technology (CFIT) last year to tackle barriers to growth and accelerate the UK fintech sector, backed by £5 million of HM Treasury seed funding.</p> answering member printed Baroness Vere of Norbiton question first answered 13/02/2024 11:43:23 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1330314

	registered interest
	date	07/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to assist financial technology companies in pursuing environmentally sustainable technology.
	tabling member printed	Lord Taylor of Warwick
	uin	HL822
	answer	answer is ministerial correction date of answer 16/06/2021 answer text <p>The Government set out via a Written Statement to Parliament on 26<sup>th</sup> April the actions being taken in response to the Kalifa Review of UK Fintech.</p><p> </p><p>This Statement included confirmation that the Financial Conduct Authority (FCA) will be taking forward various initiatives as part of a ‘Regulatory Scalebox, including to build on its existing Regulatory and Digital Sandboxes, which enable firms to test innovative products and services. As part of these initiatives, the FCA will soon launch the second phase of its Digital Sandbox pilot, inviting applications from industry to test proof of concepts to solve sustainability and climate change financial challenges. This in line with the Government’s wider vision for an increasingly green financial services sector.</p><p> </p><p>More broadly, the UK is leading by example in both climate-related financial disclosures and environmental impact reporting. In November 2020 we became the first country in the world to announce our intention to make Taskforce on Climate-related Financial Disclosures’ (TCFD)- aligned disclosures fully mandatory across the UK economy, and urge others to follow suit. Concurrently, the Chancellor announced the creation of a UK green taxonomy to help companies and investors determine which activities are sustainable. Both policies will facilitate transition finance and prevent greenwashing.</p> answering member printed Lord Agnew of Oulton question first answered 16/06/2021 10:52:30 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1315034

	registered interest
	date	17/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to introduce a Fintech Growth Fund; or, if they are not taking any such steps, what plans they have to fill the funding gap in the fintech industry.
	tabling member printed	Lord Taylor of Warwick
	uin	HL322
	answer	answer is ministerial correction date of answer 27/05/2021 answer text <p>The UK is the leading destination for fintech investment in Europe. In 2020 the sector raised $4.1bn - more than the next five European countries combined. The Government recognises that access to growth capital will be key to ongoing sector growth and therefore encourages industry to take forward the recommendation made by the Kalifa Review of UK Fintech for a £1bn Fintech Growth Fund.</p><p> </p><p>The UK is also continuing to take steps to attract investment, including through the British Business Bank’s lending and equity programmes. These have supported nearly £8 billion of finance to almost 100,000 smaller businesses, including UK fintechs. British Patient Capital, established in 2018 within the British Business Bank with £2.5 billion of investment, will crowd in an additional £5 billion of private investment over 10 years and increase the overall supply of funding for companies at later stages of their growth, where capital needs are higher.</p><p> </p><p>Government is also looking at other ways to unlock capital for UK scale-ups including by removing operational and regulatory barriers to Defined Contribution pensions schemes being able to invest into illiquid assets, such as Venture Capital. Removing these barriers could help to ensure savers access a broader set of asset classes, higher returns and benefit from the growth of the next generation of innovative UK businesses.</p><p> </p><p>In a further boost for innovative companies seeking to raise money in the UK, the Government has also published plans on how we are taking forward the recommendations in the UK listings review, with the FCA also looking to bring forward rule change consultations by the summer, including on Dual Class Share Structures.</p><p> </p><p> </p><p> </p> answering member printed Lord Agnew of Oulton question first answered 27/05/2021 14:53:56 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1796 label Biography information for Lord Taylor of Warwick