Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what consideration the Financial Conduct Authority has given to ensuring that encryption keys to encrypted record keeping data between banks and financial service messaging platforms are held by a third party.

This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.

The question has been passed on to the FCA. The FCA will reply directly to the Rt Hon Joan Ryan MP by letter. A copy of the letter will be placed in the Library of the House.