All Party Parliamentary Group on FinTech – AGM 2022

2022 Annual General Meeting: Minutes 

Location: Zoom (held virtually)

Date: 2 March 2022 

Time: 16.00 – 16:30 

Present: 

  • Adam Afriyie MP 
  • Stephen Timms MP 
  • Lord McNicol of West Kilbride 
  • Lord Vaux of Harrowden 
  • Lord Taylor of Warwick 
  • Lord Holmes of Richmond 
  • Adam Jackson, Director of Policy and Regulation, Innovate Finance 
  • Rolf Merchant, Head of Public Affairs, Innovate Finance 

Apologies: 

  • Harriett Baldwin MP 

Agenda: 

  1. Welcome by Chair (Adam Afriyie MP, Chair APPG on FinTech). 
  2. Election of Officers. 
  3. Approval of Income and Expenditure Statement. 
  4. Comments by Secretariat (Adam Jackson, Director of Policy and Regulation, Innovate Finance. 
  5. Closing remarks.
  6. Welcome by Chair (Adam Afriyie MP, Chair APPG FinTech) 
  • Welcome to all attendees on behalf of the All Party Parliamentary Group on Financial Technology (APPG on FinTech). 
  • Another positive year for the sector, with growth despite the backdrop of Covid-19 and lockdowns. 
  • Looking forward to demonstrating more about how FinTech can help consumers and small businesses in their daily lives. 
  1. Election of Officers. 
  • Adam Afriyie MP was re-elected as Chair of the APPG on FinTech. 
  • Lord Taylor of Warwick, Aaron Bell MP, Lord Holmes of Richard, Stephen Timms MP were all re-elected as Vice-Chairs. 
  • Lord McNicol of West Kilbride was elected as Vice-Chair. 
  • Barry Sheerman MP, Harriet Baldwin MP and Lord Vaux of Harrowden were all re-elected as Officers. 
  • The Chair/Secretariat would welcome any further prospective members. 
  1. Approval of Income and Expenditure Statement. 
  • As the group received under £12,500 there is no need to produce a statement. ● (No income or expenditure was recorded in the last year by the APPG as there were no costs or revenues accrued because every event was digital, rather than in-person). 
  1. Comments by the Secretariat (Charlotte Crosswell, CEO, Innovate Finance). 
  • Thank you on behalf of Innovate Finance to both Adam Afriyie MP as Chair and to all attendees. 
  • Another good year for FinTech with 80% adoption in the UK and record investment into the sector. Revolut and Checkout.com are worth over $40bn. FinTech is now responsible for about 50% of lending to UK SMEs. 
  • Kalifa Review implementation has gone well so far, with particular focus on the investment chapter, coupled with Lord Hill’s Review. Elsewhere, FCA is working on the new Scalebox concept; Bank of England on Central Bank Digital Currency; Home Office on the Scale-Up Visa. 
  • Challenges coming up this year include: new technology like Buy Now Pay Later and cryptocurrencies needing to be brought into the regulatory sphere; desire to see greater adoption of RegTech solutions, dealing with economic crime; need to communicate how FinTech is improving people’s lives and managing the cost of living crisis; the war in Ukraine and handling the sanctions regime and potential cyber warfare. 
  1. Closing Remarks. 
  • Adam Afriyie highlighted the war in Ukraine and suggested the group should focus on economic crime, Ukraine and Russia in the short term. 
  • Looking forward to hosting events in-person again and explaining the importance of FinTech in people’s lives. 

● Adam Afriyie and Adam Jackson thanked all for their attendance.

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