British Banking Sector

Debate between Baroness Penn and Lord Reay

Tuesday 21st March 2023 Lords Chamber

[Lord Reay (Con)]

My Lords, is my noble friend the Minister confident that the risk controls at the UK fintechs are adequate, given the current challenging conditions in the global financial markets?

[Baroness Penn (Con)]

My Lords, one thing that UK regulators have sought to do is ensure that the fintech sector is well regulated while continuing to innovate. We have been able to use things such as regulatory sandboxes to allow safe spaces for that innovation to be tested out, and we will continue to take that approach.