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224414
star this property registered interest false more like this
unstar this property date less than 2015-03-02more like thismore than 2015-03-02
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Services: Technology remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps his Department has taken to boost the growth of the financial technology industry. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
unstar this property uin 225806 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2015-03-25more like thismore than 2015-03-25
star this property answer text <p>As part of our long term economic plan, the Government is committed to supporting the continued growth of the Financial Technology (FinTech) sector. The Government has taken a number of steps to achieve this, including:</p><p> </p><p> </p><p> </p><ul><li><p>Creating a new Payments Systems Regulator (PSR), which will ensure that smaller banks and alternative providers of finance – including FinTechs – can access payment systems in a fair and transparent way, and thereby contributing to a fairer and more competitive payments industry. The PSR will open its doors on 1 April this year.</p><p> </p></li><li><p>Committing to additional funding of £100m to the British Business Bank’s Investment Programme – including funding for FinTech.</p><p> </p></li><li><p>Launching the GO-Science’s Blackett Review on FinTech Futures, which looks ahead 10 years to the future and identify what the technologies, enablers and barriers are that will shape the future of the UK FinTech sector.</p><p> </p></li></ul><p> </p><ul><li><p>Naming the big banks that will have to share credit data, and refer on SMEs they reject for finance – helping alternative finance providers, including FinTech firms, to lend more effectively;</p></li></ul><p> </p><p> </p><p> </p><ul><li><p>Supporting the development of the peer-to-peer lending and crowdfunding market: consulting on ISA eligibility for crowdfunded debt securities; announcing we will review EU regulations standing in the way of P2P institutional lending; and creating a bespoke regulatory framework for P2P.</p><p> </p></li></ul><p> </p><p>Most recently at budget 2015, we announced a further package of measures to build on the government’s wide-reaching programme of reform to drive competition in banking and FinTech, including announcing that:</p><p> </p><ul><li><p>The Government intends to apply anti-money laundering regulation to digital currency exchanges in the UK, launch a new research initiative into digital currency technology, with £10 million additional funding, and work with the British Standards Institution and the digital currency industry to develop voluntary standards for consumer protection.</p><p> </p></li><li><p>Gocompare will launch the first personal current account comparison tool making use of customers’ bank midata releases on 26 March 2015.</p><p> </p></li><li><p>The Government will work with the banks and FinTech firms to develop an open API (Application Programming Interface) standard for banks, by the end of the year.</p></li></ul><p> </p><p> </p><p> </p><ul><li><p>the Financial Conduct Authority’s (FCA) ‘Project Innovate’ will work with HMT and the Prudential Regulation Authority (PRA) to investigate the feasibility of developing a regulatory ‘sandbox’ for financial services innovators</p><p> </p></li><li><p>Innovate Finance has agreed to deliver its FinTech regional strategy through a series of local partnerships; the first partnership has already been established in Leeds, and further partnerships will be established in Manchester and Edinburgh by April, and in Newcastle, Bristol and other centres before the end of the year.</p></li></ul><p> </p>
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2015-03-25T11:07:37.593Zmore like thismore than 2015-03-25T11:07:37.593Z
star this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
1586
unstar this property label Biography information for Adam Afriyie more like this
391306
star this property registered interest false more like this
unstar this property date less than 2015-07-20more like thismore than 2015-07-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services: Technology remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what support his Department is providing to promote the growth of the FinTech industry. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
unstar this property uin 7976 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2015-09-07more like thismore than 2015-09-07
star this property 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> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-09-07T15:35:18.747Zmore like thismore than 2015-09-07T15:35:18.747Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin more like this
star this property tabling member
1586
unstar this property label Biography information for Adam Afriyie more like this
419043
star this property registered interest false more like this
unstar this property date less than 2015-09-16more like thismore than 2015-09-16
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services: Technology remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps he is taking to attract international FinTech companies to the UK. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
unstar this property uin 10494 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2015-10-12more like thismore than 2015-10-12
star this property 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> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T14:34:55.627Zmore like thismore than 2015-10-12T14:34:55.627Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin more like this
star this property tabling member
1586
unstar this property label Biography information for Adam Afriyie more like this
604704
star this property registered interest false more like this
unstar this property date less than 2016-10-18more like thismore than 2016-10-18
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services: Technology remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
unstar this property uin 49306 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2016-10-21more like thismore than 2016-10-21
star this property 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>
star this property answering member constituency Brighton, Kemptown more like this
star this property answering member printed Simon Kirby more like this
star this property question first answered
remove maximum value filtermore like thismore than 2016-10-21T12:38:58.407Z
star this property answering member
3929
star this property label Biography information for Simon Kirby more like this
star this property tabling member
4124
unstar this property label Biography information for Chi Onwurah more like this
584203
star this property registered interest false more like this
unstar this property date less than 2016-09-15more like thismore than 2016-09-15
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services: Technology remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what support he is providing to Fintech after the vote to leave the EU. more like this
star this property tabling member constituency Welwyn Hatfield more like this
star this property tabling member printed
Grant Shapps more like this
unstar this property uin 46510 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2016-10-14more like thismore than 2016-10-14
star this property answer text <p>The UK is recognised as the world’s leading FinTech capital, with recent reports such as EY’s ‘UK FinTech: on the cutting edge’ and Deloitte’s ‘Connecting Global FinTech: Hub Review 2016’ placing the UK and London as the number one location for FinTech in the world.</p><p> </p><p>The government is determined to continue to help support UK FinTech firms as they innovate and grow, and wants to ensure that the UK remains the location of choice for FinTech firms. As such, we are continuing to implement a range of our previously announced policies which are designed to reduce barriers to entry for FinTechs, help industry accelerate the development of key FinTech initiatives and ease access to foreign markets. We are also assessing other initiatives which can further help support the growth of UK FinTech, in consultation with the industry.</p><p> </p><p>In July, we launched our second FinTech Bridge with the Republic of Korea – increasing the opportunities for trade and investment between our two nations on FinTech, and deepening regulatory and government collaboration.</p><p>Following the vote to leave the European Union, the government is engaging extensively with the sector. I will be meeting with the sector this month to discuss what they are looking for out of the European negotiations, and what more the government can do in the short and medium term to support the sector.</p>
star this property answering member constituency Brighton, Kemptown more like this
star this property answering member printed Simon Kirby more like this
star this property question first answered
less than 2016-10-14T09:41:18.797Zmore like thismore than 2016-10-14T09:41:18.797Z
star this property answering member
3929
star this property label Biography information for Simon Kirby more like this
star this property tabling member
1582
unstar this property label Biography information for Grant Shapps more like this