Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of Revolt being granted a banking licence on regulation and competitiveness in the fintech sector.

Bank authorisations are a matter for the independent Prudential Regulation Authority.

As set out in the Government’s Financial Services Growth and Competitiveness 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 Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. This includes creating a competitive regulatory environment by working with UK regulators to make it quicker and easier for new firms to achieve regulatory authorisation.