Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, pursuant to the Answer of 6 June 2025 to Question 54687 on St Helena: Bank Services and Financial Services, which of the areas set out will help support Saint Helena to provide (a) financial and (b) banking services to non-residents; and whether it is his policy to encourage the provision of such services, in the context of the steps taken by the Saint Helena government to become economically self-sufficient.

The Foreign, Commonwealth and Development Office (FCDO) continues to support the St Helena Government to help strengthen its financial and banking sectors. This includes assistance to modernise financial infrastructure, enhance regulatory frameworks, and ensure compliance with international standards.

The provision of banking and financial services to non-residents is a matter for the St Helena Government. UK Government support has been designed to help St Helena ensure any expansion of services is carefully managed to mitigate reputational and financial crime risks. The FCDO remains engaged with the St Helena Government and the St Helena Financial Services Regulatory Authority to explore opportunities that support the goal of greater economic self-sufficiency, including through the responsible development of its financial services sector.