Found: Director for Policy at TechUK, 50 explained that the higher prevalence of AI and tech in sectors such as financial

Found: For example, in sectors such as financial services, technology and communications there is about a 30%

Found: resigned to accept that there will always be a cadre of society that is simply unable to access mainstream financial

Found: whole.About Shearman & Sterling LLP Shearman & Sterling LLP is an international law firm specialising in financial

Found: communications sector in the UK, representing approximately 187,000 members in the postal, telecoms, financial

Found: currently limited regulation, particularly in the areas of financial 5THE UK-EU RELATIONSHIP IN FINANCIAL

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of public markets on the (1) valuing, and (2) supporting, of fintech.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The government is committed to ensuring the UK is one of the best places in the world to start and scale a fintech.

In 2023, UK fintech attracted $5.1 billion in capital funding, second only to the US and more than the next 28 European countries combined.

The UK’s vibrant and dynamic capital markets remain some of the strongest and deepest globally, delivering capital to support high growth and innovative businesses.

The government is taking forward an ambitious programme of reforms to boost UK competitiveness, including taking forward the recommendations from the Investment Research Review, delivering on the recommendations of Lord Hill and the Chancellor’s Mansion House and Edinburgh Reforms. These will provide greater flexibility for firms raising capital on UK markets.

The government and regulators have also taken forward the key recommendations of the 2021 Kalifa Review of UK Fintech. This includes the creation of a new Centre for Finance, Innovation, and Technology (CFIT) last year to tackle barriers to growth and accelerate the UK fintech sector, backed by £5 million of HM Treasury seed funding.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what preparations he has made to legislate for the long-term regulatory framework for Open Banking once the Joint Regulatory Oversight Committee reports in 2023.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

UK Open Banking has been a great success story with over 7 million people in the UK now regularly using this technology to manage their money and to make payments.

The Government is committed to maintaining the UK’s leadership in this field and sustaining momentum. We wish to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy.

HM Treasury is working closely with the relevant regulators through the Joint Regulatory Oversight Committee to develop recommendations on the design of the future Open Banking entity. HM Treasury is also leading work to develop a long-term regulatory framework for this technology, underpinned by any necessary legislation.

The Committee will release its recommendations in the coming weeks following joint statements in March and December 2022 which can be found at: https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking and https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking.

Found: include public services, healthcare, defence, construction, infrastructure, professional services, financial

Found: : green growth, infrastructure, trade, public finance, illicit finance, cities and infrastructure, financial

Found: Myron has worked in a range of sectors including Financial Services, Technology, Utilities and Logistics

Found: Myron has worked in a range of sectors including Financial Services, Technology, Utilities and Logistics

Found: knighted in Her Late Majesty Queen Elizabeth Il’s Jubilee Birthday 2022 Honours List for services to financial

Found: : green growth, infrastructure, trade, public finance, illicit finance, cities and infrastructure, financial

Found: that fintech is a successful and growing sector and the Roadmap looks at what financial services and financial