Financial Services: Technology

(asked on 27th March 2018) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what steps they are taking to ensure that the UK continues to be a global leader in the financial technology sector; and how they are attracting new firms to that sector.


Answered by
Lord Bates Portrait
Lord Bates
This question was answered on 6th April 2018

The government is taking significant steps to ensure that the UK continues to be a global leader in financial technology.

For example, Open Banking, launched in January through a managed roll-out, is a radical intervention, driven by government, that will allow consumers and SMEs to access a range of new and innovative products that better meet their needs by providing third party providers with secure access to their current accounts. Open Banking uses standardised Application Programming Interfaces (APIs), making it easier and cheaper for Fintech firms to deploy their products.

The government has also recently launched a Fintech Sector Strategy, setting out the action the government has taken to make the UK the best place to grow a Fintech business, and further interventions in partnership with the regulators and industry to help maintain this position. 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.

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