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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

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

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