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Written question asked by Bill Wiggin (Conservative) on Tuesday, 30 April 2024, in the House of Commons. It was due for an answer on Tuesday, 7 May 2024 (named day). It was answered by Bim Afolami (Conservative) on Tuesday, 7 May 2024 on behalf of the Treasury.

Financial Services: Information Sharing

Question

To ask the Chancellor of the Exchequer, what his policy is on open finance.

Answer

The financial services sector is currently at the forefront of Smart Data, through a combination of Open Banking and the HM Treasury-funded Centre for Finance, Innovation and Technology (CFIT), which recently published recommendations for driving Open Finance forward in the UK.

HM Treasury has worked closely with the Department for Business and Trade as it developed its Smart Data roadmap, which sets out the government’s ambition for future Smart Data scheme development across seven different sectors, including finance, and is available here: https://www.gov.uk/government/publications/the-smart-data-roadmap-action-the-government-is-taking-in-2024-to-2025.

As set out in the roadmap, HM Treasury will carefully consider CFIT’s recommendations for Open Finance, alongside wider industry engagement, as it develops its strategy for Open Finance.

In April 2024, HM Treasury also announced the launch of an industry-led taskforce, which will identify and prioritise Open Finance use cases and data-sets that could be unlocked to improve SME access to credit.

Secondary information

Type
Written question
Reference
24201
Session
2023-24
Subjects
Databases Financial services Information sharing
Link
View this Written question on www.parliament.uk