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224414

	registered interest
	date	02/03/2015
	answering body	HM 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 Mr Chancellor of the Exchequer, what steps his Department has taken to boost the growth of the financial technology industry.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	225806
	answer	answer is ministerial correction date of answer 25/03/2015 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 25/03/2015 11:07:37 answering member 4117 label Biography information for Andrea Leadsom
	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

873643

	registered interest
	date	28/03/2018
	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 Mr Chancellor of the Exchequer, what steps the Government is taking to encourage financial technology firms to relocate to the UK.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	134757
	answer	answer is ministerial correction date of answer 18/04/2018 answer text <p>The Government is committed to ensuring that the UK is the best place to start and grow a fintech business. The new Fintech Sector Strategy – launched by the Chancellor at the recent HM Treasury-organised International Fintech Conference – sets out the practical steps that have been, and will be, taken to support this commitment. For instance, the Strategy includes pilot schemes to help new fintech firms (and the financial services industry more widely) comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money, and the creation of a set of industry standards which will enable fintech firms to more easily partner with existing banks.</p><p> </p><p>The Strategy is available at: <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/692874/Fintech_Sector_Strategy_print.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/692874/Fintech_Sector_Strategy_print.pdf</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 18/04/2018 14:17:46 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

833804

	registered interest
	date	30/01/2018
	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 recent steps he has taken to promote financial technology.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	125562
	answer	answer is ministerial correction date of answer 07/02/2018 answer text <p>Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.</p><p> </p><p>The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.</p><p> </p><p>The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125567 125568 question first answered 07/02/2018 12:24:05 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

833810

	registered interest
	date	30/01/2018
	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 recent assessment he has made of the contribution of financial technology to the UK’s financial sector.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	125568
	answer	answer is ministerial correction date of answer 07/02/2018 answer text <p>Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.</p><p> </p><p>The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.</p><p> </p><p>The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125562 125567 question first answered 07/02/2018 12:24:05 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

830146

	registered interest
	date	24/01/2018
	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 role financial technology plays in promoting financial inclusion; and if he will make a statement.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	124821
	answer	answer is ministerial correction date of answer 31/01/2018 answer text <p>Financial technology plays an important role in promoting financial inclusion and capability. Banks and fintech firms use new technology to make it easy for consumers to save and invest money, receive better financial advice, and access cheaper, more appropriate loans and overdrafts.</p> answering member constituency Salisbury answering member printed John Glen question first answered 31/01/2018 14:51:08 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

604704

	registered interest
	date	18/10/2016
	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 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.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	49306
	answer	answer is ministerial correction date of answer 21/10/2016 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> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 21/10/2016 12:38:58 answering member 3929 label Biography information for Simon Kirby
	tabling member	4124 label Biography information for Chi Onwurah

746826

	registered interest
	date	29/06/2017
	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 the Government is taking to promote the use of blockchain technology in the financial sector; and what assessment the Government has made of the need for greater regulation of blockchain technology in that sector.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	2190
	answer	answer is ministerial correction date of answer 07/07/2017 answer text <p>The government’s ambition is for the UK to consolidate its world-leading position in FinTech and to become the leading global hub for financial innovation. We have taken, and will continue to take, key policy steps to achieve this.</p><p> </p><p> </p><p>Blockchain technology could offer significant benefits across the economy, including in Financial Services. Accordingly, the Industry is assessing the potential benefits of blockchain and whether regulation is a barrier to innovation.</p><p> </p><p> </p><p>The government’s most direct interface with the FinTech industry is the Financial Conduct Authority (FCA), through its world-leading Innovation Hub to help innovative businesses that are looking to introduce ground-breaking products or services to financial services, a model being replicated around the world.</p><p> </p><p> </p><p>On 10 April, the FCA launched a discussion paper to gauge industry’s views on the future development of blockchain – and potential barriers to this - which closes in 17 July 2017. In addition, the FCA is continuing to learn from blockchain use cases being tested in its Regulatory Sandbox.</p><p> </p><p> </p><p>The government looks forward to hearing the outcome of the FCA’s work, and will act to remove identified barriers to the adoption of blockchain, or address identified risks, subject to wider objectives including financial stability and consumer protection.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 2272 question first answered 07/07/2017 10:39:04 answering member 4095 label Biography information for Steve Barclay
	tabling member	4124 label Biography information for Chi Onwurah

747151

	registered interest
	date	30/06/2017
	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 the Government is taking to (a) promote and (b) ensure adequate regulation of blockchain technology in the financial sector.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	2272
	answer	answer is ministerial correction date of answer 07/07/2017 answer text <p>The government’s ambition is for the UK to consolidate its world-leading position in FinTech and to become the leading global hub for financial innovation. We have taken, and will continue to take, key policy steps to achieve this.</p><p> </p><p> </p><p>Blockchain technology could offer significant benefits across the economy, including in Financial Services. Accordingly, the Industry is assessing the potential benefits of blockchain and whether regulation is a barrier to innovation.</p><p> </p><p> </p><p>The government’s most direct interface with the FinTech industry is the Financial Conduct Authority (FCA), through its world-leading Innovation Hub to help innovative businesses that are looking to introduce ground-breaking products or services to financial services, a model being replicated around the world.</p><p> </p><p> </p><p>On 10 April, the FCA launched a discussion paper to gauge industry’s views on the future development of blockchain – and potential barriers to this - which closes in 17 July 2017. In addition, the FCA is continuing to learn from blockchain use cases being tested in its Regulatory Sandbox.</p><p> </p><p> </p><p>The government looks forward to hearing the outcome of the FCA’s work, and will act to remove identified barriers to the adoption of blockchain, or address identified risks, subject to wider objectives including financial stability and consumer protection.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 2190 question first answered 07/07/2017 10:39:04 answering member 4095 label Biography information for Steve Barclay
	tabling member	4124 label Biography information for Chi Onwurah