Data (Use and Access) Bill [HL]: progress of the bill
The Data (Use and Access) Bill [HL] is scheduled to have its report stage in the House of Commons on 7 May 2025.
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An overview of what 'fintech' is, the opportunities and challenges it presents, and how the Government has responded to it.
Fintech: an introduction to financial technology (1,010 KB , PDF)
Financial technology – fintech for short – refers to the interaction of financial services with new technology. In some cases, it offers consumers and businesses new ways of doing things that they may already have been doing, such as budgeting. In others, it involves introducing entirely new ideas and approaches, such as cryptocurrencies.
Fintech tends to rely on several main technologies. These include:
The Government has described and promoted the UK as a “global FinTech leader”. In recent years, the UK has been the third largest recipient of venture capital investment in fintech. The UK may have as many as 75 fintech companies that have achieved or may achieve a valuation of over US$1 billion.
Fintech may offer many benefits, including:
But much of that new potential is matched by new risks, including:
There has also been wider concern about the risks that fintech may pose to the wider stability and security of financial markets, as well as about the influence of ‘big tech’ firms.
Government policy to date has focused on stimulating the fintech sector, while the Financial Conduct Authority (FCA) has taken some steps to protect consumers. The Kalifa Review of UK Fintech, published in February 2021, set out recommendations to further strengthen the sector – some of which the Government subsequently announced it would be taking forward, including support to help firms scale up and exploring the potential of a central bank digital currency.
Fintech: an introduction to financial technology (1,010 KB , PDF)
The Data (Use and Access) Bill [HL] is scheduled to have its report stage in the House of Commons on 7 May 2025.
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