Financial Services: Technology

Treasury written question – answered on 18th April 2018.

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Photo of Adam Afriyie Adam Afriyie Conservative, Windsor

To ask Mr Chancellor of the Exchequer, what steps the Government is taking to encourage financial technology firms to relocate to the UK.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government is committed to ensuring that the UK is the best place to start and grow a fintech business. The new Fintech Sector Strategy – launched by the Chancellor at the recent HM Treasury-organised International Fintech Conference – sets out the practical steps that have been, and will be, taken to support this commitment. 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.

The Strategy is available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/692874/Fintech_Sector_Strategy_print.pdf

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