https://questions-statements.parliament.uk/written-statements/detail/2021-04-26/hcws938<\/a>.<\/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\u2019s priorities, objectives, and operational requirements.<\/p>"}
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, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask the Chancellor of the Exchequer, what progress he has made on implementing the recommendations in The Kalifa Review of UK FinTech.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4086", "label" : {"_value" : "Biography information for Alun Cairns"}
}
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, "tablingMemberPrinted" : [{"_value" : "Alun Cairns"}
], "uin" : "2473"}
, {"_about" : "http://data.parliament.uk/resources/1360635", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1360635/answer", "answerText" : {"_value" : "
The government is committed to maintaining the UK\u2019s position a world-leading destination for fintech.<\/p>
<\/p>
In line with this ambition, the Government is taking forward key recommendations of the independent Kalifa Review of UK Fintech as part of ensuring the UK remains at the global cutting edge of technology and innovation in financial services.<\/p>
<\/p>
Government funding for future years will be confirmed as part of the Spending Review which will be announced on 27th October.<\/p>"}
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}
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, "questionFirstAnswered" : [{"_value" : "2021-10-25T13:59:13.73Z", "_datatype" : "dateTime"}
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, "date" : {"_value" : "2021-10-19", "_datatype" : "dateTime"}
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, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of the proposal to establish a Global Centre for Secure and Intelligent Regulatory Technologies in Northern Ireland.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4827", "label" : {"_value" : "Biography information for Claire Hanna"}
}
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, "tablingMemberPrinted" : [{"_value" : "Claire Hanna"}
], "uin" : "58552"}
, {"_about" : "http://data.parliament.uk/resources/1330314", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1330314/answer", "answerText" : {"_value" : "
The Government set out via a Written Statement to Parliament on 26th<\/sup> April the actions being taken in response to the Kalifa Review of UK Fintech.<\/p> <\/p>
This Statement included confirmation that the Financial Conduct Authority (FCA) will be taking forward various initiatives as part of a \u2018Regulatory 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\u2019s wider vision for an increasingly green financial services sector.<\/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\u2019 (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>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2021-06-16", "_datatype" : "dateTime"}
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, "questionFirstAnswered" : [{"_value" : "2021-06-16T10:52:30.817Z", "_datatype" : "dateTime"}
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, "date" : {"_value" : "2021-06-07", "_datatype" : "dateTime"}
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, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask Her Majesty's Government what steps they are taking to assist financial technology companies in pursuing environmentally sustainable technology.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
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], "uin" : "HL822"}
, {"_about" : "http://data.parliament.uk/resources/1315033", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1315033/answer", "answerText" : {"_value" : "
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\u202fhigh skilled, globally mobile talent from around\u202fthe world.<\/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>
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>"}
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, "dateOfAnswer" : {"_value" : "2021-05-27", "_datatype" : "dateTime"}
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, "questionFirstAnswered" : [{"_value" : "2021-05-27T14:55:00.737Z", "_datatype" : "dateTime"}
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, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-05-17", "_datatype" : "dateTime"}
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, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask Her Majesty's Government what steps they are taking to improve technical visa access for fintech services.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
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], "uin" : "HL321"}
, {"_about" : "http://data.parliament.uk/resources/1315034", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1315034/answer", "answerText" : {"_value" : "
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>
The UK is also continuing to take steps to attract investment, including through the British Business Bank\u2019s 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>
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>
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>"}
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], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
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, {"_about" : "http://data.parliament.uk/resources/1142217", "AnsweringBody" : [{"_value" : "Treasury"}
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The UK has been independently ranked as the best place in the world to start and grow a Fintech firm, and the government is committed to maintaining the UK\u2019s leading edge in the sector. That is why the government has delivered against all of the commitments made in the Fintech Sector Strategy, which was launched last year.<\/p>
<\/p>
The government announced at Mansion House 2019 that HM Treasury would launch a review into the payments landscape, which looks to ensure that regulation and infrastructure is able to keep pace with new payments models. The government also announced that it would explore building on the success of Open Banking by developing an agenda for \u2018Open Finance\u2019, looking at ways to safely and securely share data across a wider range of financial services products. This will further revolutionise the sector and increase the ability of Fintech firms to compete with traditional financial services firms.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
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, "date" : {"_value" : "2019-07-25", "_datatype" : "dateTime"}
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, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask the Chancellor of the Exchequer, what steps his Department is taking to increase the level of support it provides to the FinTech sector in the UK.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1568", "label" : {"_value" : "Biography information for Mrs Anne Main"}
}
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, "tablingMemberPrinted" : [{"_value" : "Mrs Anne Main"}
], "uin" : "282253"}
, {"_about" : "http://data.parliament.uk/resources/1061161", "AnsweringBody" : [{"_value" : "Department for Business, Energy and Industrial Strategy"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1061161/answer", "answerText" : {"_value" : "
The UK has been independently ranked by EY and Deloitte as the world\u2019s leading hub for Fintech. The ambitious Fintech Sector Strategy, launched in March 2018 by the Chancellor, sets out how the Government intends to maintain that position.<\/p>
<\/p>
This thriving Fintech community is an advantage for small UK businesses, who benefit from easy access to a range of services including foreign exchange, loans, equity investment and invoice finance. The British Business Bank\u2019s annual Small Business Finance Markets report, published on 11 February, states that the value of peer-to-peer business lending rose a further 18% in 2018, having increased by 51% in 2017.<\/p>
<\/p>
The same report notes that awareness among small businesses is also increasing, with 52% aware of peer-to-peer lending as an option (2017: 47%) and 70% aware of equity crowdfunding (2017: 60%). The British Business Bank\u2019s portal for small businesses, the Finance Hub, has extensive information for small businesses on finance options including those available through Fintech providers and how to access them.<\/p>
<\/p>"}
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}
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, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to encourage small businesses to invest in and utilise FinTech.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4608", "label" : {"_value" : "Biography information for John Lamont"}
}
, "tablingMemberConstituency" : {"_value" : "Berwickshire, Roxburgh and Selkirk"}
, "tablingMemberPrinted" : [{"_value" : "John Lamont"}
], "uin" : "221819"}
, {"_about" : "http://data.parliament.uk/resources/971557", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/971557/answer", "answerText" : {"_value" : "Fintech contributes more than £6bn to the economy annually, employing 60,000 people across 1,600 companies."}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
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, "answeringMemberPrinted" : {"_value" : "John Glen"}
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, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "What assessment he has made of the potential contribution of FinTech to the economy.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4625", "label" : {"_value" : "Biography information for Paul Masterton"}
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