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Financial Services: Technology

Question for HM Treasury

UIN 125562, tabled on 30 January 2018

To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote financial technology.

Answered on

7 February 2018

Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.

The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.

The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.

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