Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the expansion of fintech firms, including Wise, Klarna, Revolut and Paypal, into current accounts and other core banking services on competition, consumer choice and market concentration in the retail banking sector.

The UK is a world leader in Fintech, and attracted $3.6 billion of investment in 2025, second only to the US. The Government is committed to making the UK the world’s most technologically advanced global financial centre, and remaining a leading jurisdiction for fintech firms to start-up, scale and list.

Over the last decade, fintechs and specialist banks have increased their share amongst part of the retail banking market, and are an essential part of the UK's banking landscape. Over the same period, business models and financial technology have evolved substantially, increasing competitive pressure and expanding the range of products and services available to consumers.

Firms providing regulated banking and payment services are required to meet robust standards of consumer protection and operational resilience. The Government and the financial services regulators keep competition and market concentration in retail banking under review, and ensuring all individuals have access to the appropriate financial services and products is a key priority for the Government.