Tuesday 28th March, 2023
Committee Room 17, House of Commons
- Adam Afriyie MP
- Stephen Timms MP
- Theresa Villiers MP
- Lord Vaux, 12th Baron Vaux of Harrowden
- Lord Holmes, Baron Holmes of Richmond
The Meeting was hence quorate.
Summary of proceedings:
- Welcome by Chair (Adam Afriyie MP, Chair APPG on FinTech).
- 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 and Lord McNicol of West Kilbride were all re-elected as Vice-Chairs.
- Barry Sheerman MP and Lord Vaux of Harrowden were all re-elected as Officers.
- 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).
- Comments by Secretariat (Adam Jackson, Director of Policy, Innovate Finance).
- There’s an exciting provisional events programme coming up for this year that Innovate Finance is interested in hearing feedback on.
- On the back of these events, the aim is to produce a short report that can be used by policymakers, Government and Parliament.
- Innovate Finance is also looking to ramp up the APPG website and social media platforms to raise the profile of the Group.
- Provisional events for the upcoming year
- Crypto 101: Introduction to Cryptocurrency, Digital £, blockchain and decentralised finance
- ‘Hands on’ Crypto Workshop
- Crypto Regulation (General)
- Crime using Crypto
- Fintech & Net Zero
- Fintech and Levelling Up
- FinTech and the Cost of Living
- Financial Promotions
- Central Bank Digital Currencies (CBCDs)
- Data Protection and GDPR
- Open Banking/Open Finance/Open Data
- Consumer Credit Market and Buy Now Pay Later
- The Future of AI in Fintech
- Online Trading
- NFTs 101
- Lord Holmes suggested inviting Charlotte Croswell to share her vision for the first year of the Centre for Finance, Innovation and Technology (CFIT).
- Lord Holmes is supportive of ‘101’ sessions that explains ‘what is’ and ‘what isn’t’ in the FinTech ecosystem, especially with regards to regulatory approaches.
- Lord Holmes highlighted Open Finance as an area of priority.
- Lord Vaux flagged that the FinTech APPG overlaps with other, similar, APPGs and there could be room for collaborative events.
- On the topic of fraud, Lord Vaux highlighted that the topic is becoming more important and its timely with the National Fraud Strategy coming from Government, however this is five months overdue.
- Lord Vaux also highlighted that accessibility in financial services is of growing importance; both the closing of bank branches and terminals without buttons.
- Theresa Villiers agreed that fraud was an important issue as this is the crime that everyone is by far most likely to fall victim to.