Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to update financial technology regulations.

The Government is committed to making the UK the best place for Fintechs, including payment providers, to start, scale and list.

The National Payments Vision, published in November 2024, set out the Government's ambitions for the UK’s payments sector to deliver world-leading payments. It established three key pillars to guide future activity: innovation, competition and security. To implement this, the Payments Vision Delivery Committee, chaired by HM Treasury, is overseeing work to renew the UK’s retail payments infrastructure, including looking at access for non-bank payment providers.

Building on this, the Financial Services Growth and Competitiveness Strategy, published in July, delivers on the Government’s mission to shape a regulatory environment for financial services that is proportionate, predictable and internationally competitive, embracing innovation and leveraging the UK’s leadership in Fintech.