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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

431610

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Small Businesses: Finance
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 the bank referral scheme announced in the 2015 Budget in providing accessible finance to small and medium-seized enterprises.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	17360
answer	answer is ministerial correction date of answer 01/12/2015 answer text <p>The bank referral scheme is not yet up and running but the Government is committed to delivering this policy which will help small and medium sized enterprises access the finance they need to grow and expand.</p><br /><p>Since the Government announced the Finance Platform policy at Budget 2014 significant progress on implementation has been made. The Government has consulted, passed primary legislation and is now close to making secondary legislation.</p><br /><p>The British Business Bank is currently undertaking a due diligence process on Finance Platforms that have expressed an interest in becoming designated and will advise HM Treasury on designation in the Spring; with the policy expected to ‘go live’ later in 2016.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 01/12/2015 17:09:59 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1586 label Biography information for Adam Afriyie

428506

registered interest
date	16/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Payment Methods
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to deliver a faster payments infrastructure.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	16451
answer	answer is ministerial correction date of answer 23/11/2015 answer text <p>The Faster Payment Scheme (FPS) launched in 2008 and provides near-instant settlement for over one billion payments that consumers and businesses make every year.</p><br /><p>FPS is one of the eight payment systems regulated by the new Payment Systems Regulator – which the Government launched in 2015, equipped with powers to ensure that UK payment systems are competitive and innovative. A key part of the PSR’s work is to ensure that UK payment systems work efficiently to deliver benefits for the individuals and firms that use them.</p><br /><p>The Government is also working with the Financial Conduct Authority’s (FCA) Project Innovate – which looks to foster and support innovative financial technology (“FinTech”) firms, including firms that offer customers new and efficient ways to make payments in the UK.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 23/11/2015 11:49:17 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1586 label Biography information for Adam Afriyie

428507

registered interest
date	16/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Services
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 availability of bank accounts for (a) crowd funding and (b) digital currency businesses.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	16372
answer	answer is ministerial correction date of answer 23/11/2015 answer text <p>As the Chancellor announced at the Budget in March, the Government intends to bring digital currency exchanges into the scope of anti-money laundering regulation. The digital currency industry has highlighted the current lack of regulation as one of the obstacles firms face when trying to get bank accounts in the UK. The new regulatory regime will be designed to support firms’ access to these vital banking services, and to foster an environment in which legitimate digital currency businesses can flourish in the UK. The Treasury will consult on the detail of regulation shortly.</p><br /><p>The Government has supported the crowdfunding industry by consulting on whether to extend ISA eligibility to debt and equity crowdfunding and helping equity crowdfunding through the tax efficient Enterprise Investment Scheme (EIS) – without which 24% of investors say they would not have invested.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 23/11/2015 11:47:50 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1586 label Biography information for Adam Afriyie

419038

registered interest
date	16/09/2015
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 plans he has to bring forward legislation to regulate (a) digital currencies, (b) crowdfunding and (c) peer-to-peer lending.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	10491
answer	answer is ministerial correction date of answer 12/10/2015 answer text <p>At the March Budget, the Government said it would consult on how to regulate digital currency exchanges in the new Parliament.</p><p>Operating a P2P platform has been an activity regulated by the Financial Conduct Authority (FCA) since 2014. Crowdfunding is also a Regulated Activity and is subject to FCA rules.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 12/10/2015 14:17:54 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1586 label Biography information for Adam Afriyie

419043

registered interest
date	16/09/2015
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 he is taking to attract international FinTech companies to the UK.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	10494
answer	answer is ministerial correction date of answer 12/10/2015 answer text <p>The Government is committed to making the UK the leading global FinTech hub, and has announced a large number of policy initiatives, including more supportive regulatory regimes for peer-to-peer, digital currencies, and other innovative firms.</p><p>The Government built on this record at the Summer Budget. First, Eileen Burbidge was appointed as the UK’s ‘Special Envoy for FinTech’, where she will represent UK interests in FinTech at home and around the world. Second, an international FinTech benchmarking exercise was announced to measure the UK’s performance and identify areas of best practice from around the world.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 12/10/2015 14:34:55 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1586 label Biography information for Adam Afriyie

391306

registered interest
date	20/07/2015
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 his Department is providing to promote the growth of the FinTech industry.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	7976
answer	answer is ministerial correction date of answer 07/09/2015 answer text <p>The Government is committed to making the UK the leading global FinTech hub, and has announced a large number of policy initiatives, including more supportive regulatory regimes for peer-to-peer, digital currencies, and other innovative firms.</p><p> </p><p> </p><p> </p><p>The Government built on this record at the Summer Budget. First, Eileen Burbidge was appointed as the UK’s ‘Special Envoy for FinTech’, where she will represent UK interests in FinTech at home and around the world. Second, an international FinTech benchmarking exercise was announced to measure the UK’s performance and identify areas of best practice from around the world.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 07/09/2015 15:35:18 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1586 label Biography information for Adam Afriyie