Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to support and retain high-growth UK technology firms seeking to list on the London stock exchange.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government has delivered an ambitious programme of reforms to make it easier for all firms, including fintechs, to list and raise capital on UK markets. This includes overhauling the Prospectus Regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets.
At her Mansion House speech last year, the Chancellor also announced the formation of a Listings Taskforce, to support businesses to list and grow in the UK, and the Financial Services Growth and Competitiveness Strategy, which sets out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. Officials and ministers regularly engage with industry leaders on sector developments.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to facilitate collaboration between UK financial regulators and international regulatory authorities to maintain the City of London's competitiveness in fintech innovation.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government is committed to making the UK the best place for fintechs, to start, scale and list. The Financial Services Growth and Competitiveness Strategy, published in July 2025, sets out our 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.
We are delivering this through strengthened partnerships with international financial centres around the world, supported by ongoing regulatory dialogues with many of our international partners such as the EU, US, China, India and the Gulf. We also continue to promote cooperation between UK financial regulators and their counterparts overseas. For instance, the UK has established the UK-US Transatlantic Taskforce for Markets of the Future, which is exploring opportunities for deeper collaboration in financial services, with a particular focus on digital assets and capital markets.
In addition, the Office for Investment: Financial Services, launched last October, will guide and support international investors looking to establish or grow a presence in the UK’s financial services sector, with a focus on fintech and the other priority growth areas
Asked by: Victoria Collins (Liberal Democrat - Harpenden and Berkhamsted)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to update the Cash Access Policy Statement issued on 18 August 2023, in the context of the role of Banking Hubs and the provision of in-person services linked to current accounts.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to supporting sufficient access for customers.
The Financial Services and Markets Act 2023 provides the Financial Conduct Authority (FCA) with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities, including free facilities for personal current accounts. It also requires HMT to produce a Cash Access Policy Statement concerning cash deposit and withdrawal services, which the FCA must have regard to when designing its rules for access to cash. In line with its legal obligation to do so, HMT keeps the Cash Access policy statement under review.
Under the FCA’s rules, an assessment is triggered upon the closure or material alteration of a cash access facility or upon a community request. When carrying out a cash access assessment, LINK, the operator of the UK’s largest ATM network and designated operator of cash access co-ordination arrangements, takes into consideration a wide range of criteria, including those unique to each location. These include whether a bank branch remains, existing cash access points, population size and vulnerability, the number of shops in the area, and the practicality of travelling to nearby facilities, including public transport links, travel times, and local demographics. Where LINK determines that a community requires additional cash services, Cash Access UK (CAUK) will provide the appropriate shared solution, such as a deposit service or a banking hub, for cash users in that community.
In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 200 are already open. Government is working closely with industry on this commitment, including through regular ministerial engagement.
Banking hubs offer everyday counter services provided by Post Office staff, enabling people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
The Government continues to work with the banking industry to improve the breadth and availability of services available in banking hubs and I recently chaired a roundtable with banks, CAUK and UK Finance to discuss services provided in banking hubs. CAUK member banks have already made significant progress in bringing the services offered by community bankers in hubs closer to those available in a traditional bank branch. For example, over the past year, all original CAUK member banks have ensured that customers can use hub services even if they do not have access to a personal digital device, such as a mobile phone or tablet. A full list of services provided by each bank for both personal and business customers is publicly available to view via CAUK’s website.
The Government keeps the effectiveness of these arrangements under review through regular engagement with industry, LINK and the FCA to ensure they meet the needs of local communities.
Asked by: Victoria Collins (Liberal Democrat - Harpenden and Berkhamsted)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of services provided within Banking Hubs; and what steps she is taking to develop minimum standards for those Hubs.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to supporting sufficient access for customers.
The Financial Services and Markets Act 2023 provides the Financial Conduct Authority (FCA) with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities, including free facilities for personal current accounts. It also requires HMT to produce a Cash Access Policy Statement concerning cash deposit and withdrawal services, which the FCA must have regard to when designing its rules for access to cash. In line with its legal obligation to do so, HMT keeps the Cash Access policy statement under review.
Under the FCA’s rules, an assessment is triggered upon the closure or material alteration of a cash access facility or upon a community request. When carrying out a cash access assessment, LINK, the operator of the UK’s largest ATM network and designated operator of cash access co-ordination arrangements, takes into consideration a wide range of criteria, including those unique to each location. These include whether a bank branch remains, existing cash access points, population size and vulnerability, the number of shops in the area, and the practicality of travelling to nearby facilities, including public transport links, travel times, and local demographics. Where LINK determines that a community requires additional cash services, Cash Access UK (CAUK) will provide the appropriate shared solution, such as a deposit service or a banking hub, for cash users in that community.
In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 200 are already open. Government is working closely with industry on this commitment, including through regular ministerial engagement.
Banking hubs offer everyday counter services provided by Post Office staff, enabling people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
The Government continues to work with the banking industry to improve the breadth and availability of services available in banking hubs and I recently chaired a roundtable with banks, CAUK and UK Finance to discuss services provided in banking hubs. CAUK member banks have already made significant progress in bringing the services offered by community bankers in hubs closer to those available in a traditional bank branch. For example, over the past year, all original CAUK member banks have ensured that customers can use hub services even if they do not have access to a personal digital device, such as a mobile phone or tablet. A full list of services provided by each bank for both personal and business customers is publicly available to view via CAUK’s website.
The Government keeps the effectiveness of these arrangements under review through regular engagement with industry, LINK and the FCA to ensure they meet the needs of local communities.
Asked by: Victoria Collins (Liberal Democrat - Harpenden and Berkhamsted)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the criteria applied by LINK when recommending Banking Hub locations on towns where a single provider remains; and whether she has made an assessment of the adequacy of those criteria for community need, business cash usage and consumer choice.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to supporting sufficient access for customers.
The Financial Services and Markets Act 2023 provides the Financial Conduct Authority (FCA) with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities, including free facilities for personal current accounts. It also requires HMT to produce a Cash Access Policy Statement concerning cash deposit and withdrawal services, which the FCA must have regard to when designing its rules for access to cash. In line with its legal obligation to do so, HMT keeps the Cash Access policy statement under review.
Under the FCA’s rules, an assessment is triggered upon the closure or material alteration of a cash access facility or upon a community request. When carrying out a cash access assessment, LINK, the operator of the UK’s largest ATM network and designated operator of cash access co-ordination arrangements, takes into consideration a wide range of criteria, including those unique to each location. These include whether a bank branch remains, existing cash access points, population size and vulnerability, the number of shops in the area, and the practicality of travelling to nearby facilities, including public transport links, travel times, and local demographics. Where LINK determines that a community requires additional cash services, Cash Access UK (CAUK) will provide the appropriate shared solution, such as a deposit service or a banking hub, for cash users in that community.
In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 200 are already open. Government is working closely with industry on this commitment, including through regular ministerial engagement.
Banking hubs offer everyday counter services provided by Post Office staff, enabling people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
The Government continues to work with the banking industry to improve the breadth and availability of services available in banking hubs and I recently chaired a roundtable with banks, CAUK and UK Finance to discuss services provided in banking hubs. CAUK member banks have already made significant progress in bringing the services offered by community bankers in hubs closer to those available in a traditional bank branch. For example, over the past year, all original CAUK member banks have ensured that customers can use hub services even if they do not have access to a personal digital device, such as a mobile phone or tablet. A full list of services provided by each bank for both personal and business customers is publicly available to view via CAUK’s website.
The Government keeps the effectiveness of these arrangements under review through regular engagement with industry, LINK and the FCA to ensure they meet the needs of local communities.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the levels of AI adoption among UK fintech firms; and what steps they are taking to ensure that AI and fintech regulation remains proportionate and supportive of innovation.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy (“the Strategy”), the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start-up, scale and list.
The UK has a long history as a powerhouse of financial services innovation. The Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech, and the sector attracted $3.6 billion of investment in 2025 - second only to the US. This drive to deliver innovation also includes the safe adoption of artificial intelligence (AI) by the financial services sector, which the Government believes is a major strategic opportunity, with the potential to power growth across the UK.
As part of the Strategy, the Government is in the process of appointing Financial Services AI Champions to act as a catalyst for AI adoption and innovation in the sector. The Government has also commissioned the Financial Services Skills Commission to produce a UK-wide report on how the skills system can drive growth and productivity in FS by supporting adoption and innovation of disruptive technologies.
The Government welcomes the technology positive approach both the Financial Conduct Authority (FCA) and the Bank of England take to regulation, including through launching the AI Consortium and the FCA’s commitment to avoid additional requirements on firms when using AI, as outlined in the letter from Nikhil Rathi, CEO of the FCA, to the Prime Minister last year.[1] Their pro-innovation stance will help to support the UK’s Fintechs in these fast-moving markets.
[1]This letter is available at the following link: https://www.fca.org.uk/publication/correspondence/fca-letter-new-approach-support-growth.pdf
Asked by: Lee Anderson (Reform UK - Ashfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department are taking to ensure rural communities can access in person banking services.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to supporting sufficient access for customers in rural areas and across the country.
Through the Financial Services and Markets Act 2023, the Government gave the Financial Conduct Authority regulatory responsibility for access to cash. Its rules ensure cash continues to be a viable method of payment for the millions of people who depend on it by providing reasonable access to cash withdrawal and deposit facilities for individuals and businesses, including free services for personal accounts.
In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 200 are already open. Government is working closely with industry on this commitment, including through regular ministerial engagement. Most recently, on 8 January, I chaired a roundtable with banks, Cash Access UK and UK Finance to discuss banking hubs.
Banking hubs are allocated based on independent assessments by LINK, which consider factors such as branch closures, cash reliance and community vulnerability. The criteria also differentiate between rural and urban areas. For example, LINK applies a wider three-mile catchment area in rural locations to recognise that villages often rely on nearby market towns.
Customers can also access everyday banking services at a nearby Post Office. The Post Office Banking Framework allows personal and business customers of participating banks to withdraw and deposit cash, check their balance, pay bills and cash cheques at over 10,000 Post Office branches across the UK. The Government protects the Post Office network by setting minimum access criteria. These include ensuring that 99% of the UK population lives within three miles of a Post Office and 90% of the population within one mile.
Beyond bank branches, banking hubs and Post Office banking services, some banks also provide points of access through initiatives such as pop-up services in libraries and community centres, or mobile banking vans serving remote areas. The Government supports initiatives which give customers access to in-person banking, as well as digital access.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the participation of the UK's software and technology sectors in initial public offerings and the implications of this for the UK's fintech ecosystem.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The government has delivered an ambitious programme of reforms to make it easier for all firms, including fintechs, to list and raise capital on UK markets. This includes overhauling the Prospectus Regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets.
At Mansion House, the Chancellor also announced the formation of a Listings Taskforce, to support businesses to list and grow in the UK, and the Financial Services Growth and Competitiveness Strategy, which sets out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. Officials and ministers regularly engage with industry leaders on sector developments.
The Government does not usually comment on specific movements in financial markets.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of recent trends in UK equity fund outflows and changes in investor asset allocation, and the implications for UK capital markets and investment.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The government has delivered an ambitious programme of reforms to make it easier for all firms, including fintechs, to list and raise capital on UK markets. This includes overhauling the Prospectus Regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets.
At Mansion House, the Chancellor also announced the formation of a Listings Taskforce, to support businesses to list and grow in the UK, and the Financial Services Growth and Competitiveness Strategy, which sets out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. Officials and ministers regularly engage with industry leaders on sector developments.
The Government does not usually comment on specific movements in financial markets.
Asked by: Stuart Andrew (Conservative - Daventry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the July 2019 implementation date of the Contingent Reimbursement Model Code on victims of authorised push payment scams that occurred before that date; and whether she plans to review redress mechanisms to ensure consistent treatment of victims regardless of when losses occurred.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. To protect consumers, under the Financial Services and Markets Act 2023, the Payment Systems Regulator (PSR) has introduced a mandatory reimbursement regime for Authorised Push Payment (APP) scams taking place over the Faster Payment system. This came into force on 7 October 2024. The details of the APP reimbursement regime are a matter for the independent PSR.
Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.