Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that support for the growth of financial technology companies promotes innovation while safeguarding financial stability and fairness.

The Government is ensuring support for the growth of financial technology companies promotes innovation while safeguarding financial stability and fairness through its Financial Services Growth & Competitiveness Strategy, as set out by the Chancellor in her Mansion House speech earlier this year.

The Strategy delivers a more proportionate, predictable, and internationally competitive regulatory environment, including reforms to streamline authorisations and regulatory burdens, targeted support for innovative fintechs, and investment in skills and infrastructure.

The government remains committed to high standards for financial stability, consumer protection, and the FCA and PRA have statutory objectives to further these priorities. This will ensure that the UK remains a world leader in fintech while protecting the integrity and fairness of its financial system.