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 - 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. 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 - 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. 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 - Economic Secretary (HM Treasury)
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 - Economic Secretary (HM Treasury)
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 - Economic Secretary (HM Treasury)
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 - Economic Secretary (HM Treasury)
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 - Economic Secretary (HM Treasury)
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: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she plans to take to help support small businesses with cash banking, in the context of trends in the number of closures of physical banks.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions she has had with NatWest on the adequacy of the provision of its banking facilities in Slough.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to bring forward legislative proposals to help ensure public access to cash.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.