Asked by: Andrew Snowden (Conservative - Fylde)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to require Banking Hubs to accept and process cheque deposits as part of the provision of basic banking services.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking is changing, with many customers benefiting from the convenience and flexibility of managing their finances remotely. However, the Government understands the importance of face-to-face banking services to communities and is committed to supporting sufficient access for customers across the country.
In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 200 are already open.
Banking hubs provide access to everyday counter services through Post Office staff, including cash withdrawals and deposits, balance enquiries and bill payments. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out other banking services.
The range of services available through Post Office counters in banking hubs, including whether cheque deposits are accepted and processed, is determined by the commercial arrangements between individual banks and the Post Office. A significant number of retail banks continue to offer cheque depositing services through Post Office counters.
Where cheque depositing is not available at a hub counter, customers continue to have alternative options to pay in cheques, including at bank branches where available, by post, or digitally via mobile banking apps using cheque imaging technology. Banks may also provide postal options for customers who are unable to travel to a branch or for whom digital banking is not suitable.
The Government continues to engage with the banking industry to improve the consistency and functionality of services provided through banking hubs, including through recent discussions with banks, Cash Access UK and UK Finance.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 19 June 2025 to Question 61158, whether she plans to publish the statutory instrument on open banking in the first quarter of 2026.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The National Payments Vision, published in November, set out the government’s ambitious plans for the next phase of Open Banking, building on the UK’s leadership in this area. This includes steps towards delivering seamless, Open Banking enabled, account-to-account payments.
The government intends to use powers in the ‘Data (Use and Access) Act’ to put in place a long-term regulatory framework for Open Banking and is working at pace to deliver this.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the merger of the Payment Services Regulator in the Financial Conduct Authority will require (a) primary and (b) secondary legislation; and what her planned timetable is for completion of that merger.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Payment Systems Regulator (PSR) has carried out important work to support the UK’s world leading payments sector. However, moving forward, the Government wishes to see a more streamlined regulatory environment with minimal overlap between regulators’ responsibilities. That is why the Government has announced its intentions to consolidate the PSR and its functions primarily within the Financial Conduct Authority (FCA).
The Government will consult on the details of this measure shortly. The consolidation of the PSR into the FCA will require primary legislation, which will be brought forward as soon as parliamentary time allows. The PSR and FCA are already taking steps to realise the benefits of a more streamlined regulatory framework, including creating a new joint PSR/FCA payments executive director; updating the Memorandum of Understanding between the PSR, the FCA, the Bank of England and the PRA; jointly progressing Open Banking; and undertaking joint stakeholder engagement.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to bring forward legislative proposals to regulate open banking under the Data (Use and Access) Act 2025.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The National Payments Vision, published in November, set out the government’s ambitious plans for the next phase of Open Banking, building on the UK’s leadership in this area. This includes steps towards delivering seamless, Open Banking enabled, account-to-account payments.
The government intends to use powers in the ‘Data (Use and Access) Act’ to put in place a long-term regulatory framework for Open Banking. This will also secure the foundations for Open Finance, by establishing the necessary oversight functions within the FCA to regulate ‘Smart Data’ schemes.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to consult on bringing forward legislative proposals to introduce open finance under the Data (Use and Access) Act 2025.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The National Payments Vision, published in November, set out the government’s ambitious plans for the next phase of Open Banking, building on the UK’s leadership in this area. This includes steps towards delivering seamless, Open Banking enabled, account-to-account payments.
The government intends to use powers in the ‘Data (Use and Access) Act’ to put in place a long-term regulatory framework for Open Banking. This will also secure the foundations for Open Finance, by establishing the necessary oversight functions within the FCA to regulate ‘Smart Data’ schemes.
Asked by: Lisa Smart (Liberal Democrat - Hazel Grove)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that banks support innovation in relation to (a) digital assets and (b) other areas.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The government recognises the transformative potential of new technologies in the financial services sector and has made innovation and technology one of the key pillars of its Financial Services Growth and Competitiveness Strategy. The government is committed to enabling and supporting increased digital adoption, as well as other new technologies, that have the potential to increase productivity and open up new products and services. The government will publish this strategy at Mansion House on the 15th July.
This is in addition to measures the government has already taken to ensure that banks support innovation, such as the commitment set out in the National Payments Vision to establish a Long-Term Regulatory Framework for Open Banking. This framework will provide the clarity and certainty needed to facilitate further innovation and investment.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will publish her Department's plans for an open finance regulatory framework.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
As set out in the National Payments Vision, the government’s ambition is for the UK to be a world leader in Open Finance – the next generation of financial data sharing. The benefits are potentially transformative for businesses and customers, enabling choice, innovation and a greater ability to engage with financial services.
The government is prioritising the development of a long-term regulatory framework for Open Banking, which will lay the foundations for Open Finance.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of extending the 90-day open banking consumer consent period on the economy.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The UK has been a world leader in Open Banking since 2018. Open Banking providers offer innovative services using customer data, and can help with improving financial inclusion, such as by allowing customers to gain better oversight of their finances, or by improving access to credit.
The Government is committed to maintaining the UK’s leadership in this area. This is why the government set out in the National Payments Vision, published in November, that Open Banking must transition to a sustainable long-term regulatory framework. The government is committed to delivering this framework and intends to use incoming smart data powers in the Data (Use and Access) Bill, currently progressing through Parliament, to do so.
The Government is working to ensure that individuals have access to the appropriate financial products and services they need. This is why I have committed to publish a Financial Inclusion Strategy later this year, which will examine the barriers consumers face and solutions to address them.
On the 90-day Open Banking consumer consent period - this is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of increasing the use of open banking on levels of financial inclusion.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The UK has been a world leader in Open Banking since 2018. Open Banking providers offer innovative services using customer data, and can help with improving financial inclusion, such as by allowing customers to gain better oversight of their finances, or by improving access to credit.
The Government is committed to maintaining the UK’s leadership in this area. This is why the government set out in the National Payments Vision, published in November, that Open Banking must transition to a sustainable long-term regulatory framework. The government is committed to delivering this framework and intends to use incoming smart data powers in the Data (Use and Access) Bill, currently progressing through Parliament, to do so.
The Government is working to ensure that individuals have access to the appropriate financial products and services they need. This is why I have committed to publish a Financial Inclusion Strategy later this year, which will examine the barriers consumers face and solutions to address them.
On the 90-day Open Banking consumer consent period - this is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department is taking steps to revise the open banking framework.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The UK has been a world leader in Open Banking since 2018. Open Banking providers offer innovative services using customer data, and can help with improving financial inclusion, such as by allowing customers to gain better oversight of their finances, or by improving access to credit.
The Government is committed to maintaining the UK’s leadership in this area. This is why the government set out in the National Payments Vision, published in November, that Open Banking must transition to a sustainable long-term regulatory framework. The government is committed to delivering this framework and intends to use incoming smart data powers in the Data (Use and Access) Bill, currently progressing through Parliament, to do so.
The Government is working to ensure that individuals have access to the appropriate financial products and services they need. This is why I have committed to publish a Financial Inclusion Strategy later this year, which will examine the barriers consumers face and solutions to address them.
On the 90-day Open Banking consumer consent period - this is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.