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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

1315033

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 improve technical visa access for fintech services.
tabling member printed	Lord Taylor of Warwick
uin	HL321
answer	answer is ministerial correction date of answer 27/05/2021 answer text <p>At the 2021 budget and in Build Back Better: Our Plan for Growth the government announced a set of targeted high skilled visa reforms to build on the new points-based immigration system to create an internationally competitive visa system for high skilled, globally mobile talent from around the world.</p><p>This included creating a new fast-track visa process for UK scale-ups, including fintech services, to recruit high-skilled migrants. Those with a job offer at the required skills level from a recognised UK scale-up will be able to qualify for a fast-track visa. The government is continuing to work closely with industry representatives and businesses to build this new route. We will provide further details on the scale-up visa by July and the route will launch by March 2022.</p><p> </p><p>In addition to our plans for high-skilled visas the government will continue to implement reforms to streamline and simplify the sponsorship system. The government has already taken significant steps to reform the system and we will publish a delivery roadmap in the summer setting out our plans for further reforms. These changes will benefit business across the UK and in all sectors.</p> answering member printed Lord Agnew of Oulton question first answered 27/05/2021 14:55:00 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