Increasing the financial wellbeing of people in vulnerable circumstances
Fair4All Finance was founded in 2019 to support the financial wellbeing of people in vulnerable circumstances. Funded by dormant assets money for financial inclusion, our mission is to increase access to fair, affordable and appropriate financial products and services.
Our vision: a society where the long-term financial wellbeing of all people is supported by a fair and accessible financial sector.
Our mission: to increase the financial resilience of people in vulnerable circumstances by increasing access to fair, affordable and appropriate financial products and services.
Who we serve
Many people on low incomes and with low financial resilience have little access to mainstream financial services, which largely focus on serving those with predictable lives and incomes. We are focussed on supporting the development of a financial system that delivers products and services that enable people in vulnerable circumstances to overcome shocks, enrich their lives and enable them to pursue opportunities.
We define vulnerability in the same terms as the FCA, where a vulnerable customer is someone who is especially susceptible to detriment, with the four key drivers of vulnerability being resilience, capability, life events and health. These drivers will shape customers’ needs over the whole of their financial lives. We want to see well-designed financial products and services that better respond to these and support people’s financial wellbeing.
Fair4All Finance was established in response to the government’s commitment to allocate dormant assets money to financial inclusion initiatives.
About our funding: Where does dormant assets money come from?
Fair4All Finance is funded by dormant assets money for financial inclusion. The current dormant assets scheme enables banks and building societies to voluntarily channel funds from dormant accounts towards good causes in the UK through Reclaim Fund Ltd.
Banks and building societies can only transfer funds to good causes from accounts which have remained untouched for 15 or more years and when the customer is no longer contactable. Banks and building societies make significant efforts to reunite people with their money, and only the money which will never be reclaimed is distributed.
The Dormant Bank and Building Society Accounts Act has put hundreds of millions of pounds back into circulation for public benefit. Since 2011, over £1.2bn has been transferred into the scheme, with over £600m made available for good causes in the UK. RFL must retain the amount they deem prudent in order to meet customer reclaims in perpetuity and can only release surplus funds to The National Lottery Community Fund. The National Lottery Community Fund, the legal distributor of dormant assets funding, apportions this money between the nations.
The Dormant Bank and Building Society Accounts Act specifies that funds in England can only be spent on youth or financial inclusion, or directed to a social investment wholesaler. There are five organisations set up to manage this unique type of funding: Big Society Capital, Access Foundation, Youth Futures Foundation, Fair4All Finance, and The National Lottery Community Fund itself.
Customers can reclaim their money at any point here.
In 2017 DCMS led an engagement exercise with the financial inclusion sector to explore the possibility of investing new dormant assets funds to tackle the issue of financial inclusion. This engagement determined that funds should be allocated to tackling problem debt and improving access to financial products and services for those on lower incomes.
A four-month user-centred cross-sector engagement followed, during which time more than 98 organisations were consulted. This concluded that in order to truly help vulnerable people meet their financial needs, systemic market change was needed. It was agreed that a new organisation was best placed to deliver this, and Fair4All Finance was established in February 2019.
We are in a position to be able to build on great work that has taken place by the Department of Digital, Culture, Media & Sport (DCMS) and the National Lottery Community Fund (NLCF), in close partnership with HM Treasury, the Cabinet Office, the Department for Work & Pensions and the FCA. We are grateful for the support of this group and we continue to work in close partnership with them.
We live the following values
We want to work in partnership with others who have experience and expertise and share what we have; we do not want to duplicate work done by others
We are open and invite contribution in all we do
We operate with the needs of vulnerable people at the heart of everything we do
We operate with humility and provide a practical commercial service to those seeking to improve financial inclusion
We iterate potential solutions rather than designing for perfection
We seek to understand the problems we are trying to solve from both the viewpoint of the whole system and the individual effected
Working collaboratively with a range of groups who are already active across the financial inclusion and financial services sectors, we follow this simple 5 step approach to find and scale the most appropriate solutions:
- Diagnose the issue/opportunity for focus
- Discover what great solutions and evidence already exist
- Dream what a great outcome would look, feel, sound like
- Design and build evidence and capability to scale existing and/or innovate new solutions
- Deliver, iterate and evaluate
James leads on developing and delivering Fair4All Finance’s strategic communications.
James has a diverse financial services background across the private and public sector. He has skills and experience in communications, marketing and customer experience. Before joining Fair4All Finance, James developed and delivered communications for Virgin Money. He has also worked for Aviva and the Norfolk Pension Fund. Always with a strong focus on customers. Earlier in his career, James had a spell working as a freelance journalist, including at the BBC.
Georgia joined Fair4All Finance after completing the On Purpose social impact leadership programme. Before On Purpose she spent seven years working in advertising, helping clients to develop long-term strategies and campaigns to meet their business needs, and leading multidisciplinary teams to deliver integrated projects at pace for global FMCG brands.
In 2018 Georgia decided to quit advertising to work for organisations where good business practice means more than just an intense pursuit of profit. She took a maternity cover contract at a housing social enterprise where she improved and bedded in new systems and processes, directly contributing to a substantial period of growth. Georgia read Spanish and Italian at Bristol University.
Becky leads on looking after the people, processes, systems and resources which enable our work.
Becky has a diverse operations and advisory background working across the private and social sector. Prior to joining Fair4All Finance, Becky was a Compliance Consultant with Bates Wells, providing regulatory advice to social investors, asset managers, fintech and other financial services providers. She also worked as an independent consultant advising social funders and social enterprises on governance, compliance and operations.
Becky previously headed up the operations of Fair Finance, one of the UK’s leading Community Development Finance Institutions, providing fair and affordable credit and debt advice services to vulnerable people. Becky started her career in international development, working for Christian Aid supporting and managing the delivery of large government and institutional donor-funded contracts and grants.
Alongside her work at F4AF, Becky is a trustee of Oasis Community Partnerships, a charity providing community services across the UK and a member of the investment committee for the Centre for Innovation in Voluntary Action (CIVA).
Becky has a BSC in Physics and an MSc in Global Ethics from the University of Birmingham.
Holly joined Fair4All Finance in June 2020 as Investment Director. She was previously Head of CAF Venturesome, one of the most active social investment funds in the UK. Holly led the team making hundreds of affordable social investments to a wide range of social organisations – from local community-led housing groups to major international development charities – enabling them to flourish. She launched new specialist social investment funds, and raised significant philanthropic capital for investment from individual and institutional funders. She personally led several innovative social investments, including one of the first social impact bonds.
Prior to joining the social investment sector, Holly worked at the management consultancy firm Oliver Wyman, specialising in the retail sector. She has a degree from the University of Cambridge, an MSc in Political Science and Political Economy from the London School of Economics, and the Investment Management Certificate.
She is a trustee of the social enterprise Yes Futures. Holly is a member of the inaugural WISE100 (top 100 women in social enterprise and impact investment).
As CEO of Fair4All Finance Sacha leads the organisation to deliver on our mission: to increase the financial wellbeing of people in vulnerable circumstances through access to fair and affordable financial products and services. She has a background in driving purpose led change in business through her previous roles as CEO at Grant Thornton and as the inaugural chair of Access Accountancy.
She has extensive experience of working with businesses, government and civil society to address key systemic issues and is also Co-Chair of the Inclusive Economy Partnership, on the Board of London & Partners and a non-executive Director at Leapfrog Investments through which she brings unique perspectives to her role at Fair4All Finance.
Tom leads on strategy and policy for Fair4All Finance. He formerly worked in the Government Inclusive Economy Unit in the Department for Digital, Culture, Media and Sport, where he led the policy development work to establish Fair4All Finance. Previously, he worked at tech start-up GoCardless, founded a social enterprise, and spent four years at Accenture in their digital and international development practices. He holds a BSc from the University of Bath.
Temi joined Fair4All Finance in November 2019 as Executive Assistant + Office + Marketing Coordinator. Prior to joining the team, she worked in private wealth management as a Relationship Manager and an Assistant Relationship Manager serving high-net worth clients in the Middle East and Africa. Before that Temi worked in Social Enterprise UK and Social Firms UK in membership and marketing roles.
Temi has the Investment Advice Diploma, an MA in Social Entrepreneurship and a BSc (SocSci) in Politics and International Relations.
Before joining Fair4All Finance, Fionn worked in public affairs and communications at the Money and Pensions Service and its predecessor organisation the Money Advice Service. He also has experience working in the external policy team at Toynbee Hall. Prior to that, he spent a year teaching English in a secondary school in Dortmund, Germany. Fionn works across a number of projects on programme development, delivery and stakeholder engagement.
Before joining Fair4All Finance, Hanadi completed her Master of Public Administration in Economic Policy at the London School of Economics and Political Science. Prior to that, she spent three years working within homeless serving agencies in Canada’s public sector, as well as supporting the establishment of a non-profit refugee health clinic. Hanadi works as the lead on research and impact measurement and ensures that the needs of the target cohorts are integrated within all programmes.
Sarah’s business experience spans a variety of sectors with expertise in stakeholder relationships, communications, marketing & corporate affairs. Sarah was a founding member of Starling Bank and it was here where she developed an interest in Financial Inclusion. Proud to have led on initiatives with humility via empowerment such as the creation of the “Gambling Block” which gave individuals freedom for customisation and control of their spending. Sarah will be leading on the consumer insights, markets and product design opportunities for the affordable credit market.
Jonathan is an ex PwC Financial Services Consulting partner with a specialism in FS technology. He has a broad range of experience in delivering change at a range of FS organisations generally enabled by technology. He also led the PwC Payments and Open Banking practices in the UK. Jonathan will be leading on understanding the technology opportunities for the affordable credit market, including how affordable credit providers can best scale.
Leonie is a third-sector communications specialist and has worked with a number of charities and social enterprises in the UK and overseas. She is currently leading the development of Fair4All Finance’s brand and communications strategy. She holds a Social Policy degree from the University of Bristol.
Richard was appointed as the Founding Chair of Fair4All Finance in February 2019 after being selected by an independent panel chaired by Sir Leigh Lewis. Richard was on the second Dormant Asset Commission in 2017 which looked at the expansion of the dormant assets scheme and was previously Global Vice-Chairman at PwC.
He has been working in an advisory capacity with DCMS on the subject of financial inclusion since 2018 and is currently Chair of a number of companies, charities and social enterprises, including the School for Social Entrepreneurs.
Fozia is Chief Executive at the Bedfordshire and Luton Community Foundation, a grantmaking organisation which provides over £5m funding to local communities. She is a trustee of the Association of Charitable Foundations and the Funders Alliance for Race Equality, advocating for a deeper understanding of inequality and how to effectively address it through funding. Fozia was also part of the National Steering Group of the Local Trust in its research on Empowered Communities in the 2020’s and was Commissioner for the Inclusive Growth Commission in Luton. Fozia completed a MSc in Grantmaking, Philanthropy and Social Investment from Cass Business School in 2018 and her dissertation was completed with US Foundations. Fozia is currently leading the Diversity Equity and inclusion Coalition of 17 major foundations, implementing DEI frameworks in their work. She was awarded the Charity Times ‘Rising CEO Star’ in 2018 and named as one of the ’25 Most Influential Charity Leaders’ as well as being a Churchill Fellow and a Leadership Fellow at St Georges, Windsor.
Joanna is Chief Executive of the Money Advice Trust, whose vision is to help people across the UK to tackle their debts and manage their money with confidence. Last year the Trust helped over 220,000 people to manage their debts via National Debtline and Business Debtline, supported 4,400 money advisers through its Wiseradviser service and delivered vulnerability training to 44 organisations.
Previously, Joanna was Executive Director at the British Bankers’ Association running their policy department for personal and small business customers. Before that she was a House of Commons researcher and prior to that a primary school teacher.
In 2010, Joanna was awarded an OBE for services to people in debt.
Joanna is a director of the financial services trade association UK Finance, representing vulnerable consumers, Chair of the Advisory Panel at Birmingham University’s Centre on Household Assets and Savings Management, a selection panel member for the Open Banking for Good challenge (part of the Cabinet Office’s Inclusive Economy Partnership), a Commissioner for Energy UK’s Vulnerability Commission, and a member of the ABCUL/Lloyds Banking Group Grants Committee, the government’s Financial Inclusion Policy Forum and HM Treasury’s Home Finance Forum.
She is also Vice Chair of the Friends Provident Foundation and a Chartered Director.
James Invine is a sell-side equity analyst at Societe Generale. His focus is the banking sector and its various commercial, regulatory and macroeconomic drivers. He brings knowledge of investor appetite for and concerns with the financial sector. James is a trustee at The Limehouse Project, a charity based in Tower Hamlets that helps marginalised individuals to overcome barriers to stable, fulfilled lives by providing advice, training and community development.
Sir Leigh Lewis spent 37 years as a civil servant, latterly as Permanent Secretary at the Department for Work and Pensions from 2005-2010. Amongst his other current appointments, Sir Leigh is Chair of the alcohol education charity, Drinkaware, Vice Chair of the Holocaust Memorial Day Trust and a visiting fellow at Greenwich University Business School.
Mike is a Chartered Accountant and a Fellow of the Association of Corporate Treasurers. Mike is now retired after spending over 34 years in the financial services sector, 26 years of which were with the HSBC Group working in their Luxembourg, Amsterdam, New York and London offices. He held various senior Finance, Risk and Treasury leadership positions with HSBC, including Global Head of Asset & Liability Management, Group CFO roles for the Global Banking division and for Global Private Banking, and Secretary to the HSBC Group Risk Committee. Mike is currently a Trustee and Treasurer of The Papworth Trust, a leading disability charity, and also Trustee and Treasurer of Outward Housing, a charity supporting vulnerable people particularly those with learning disabilities and those on the autism spectrum.
Jennifer is the head of Global Customer Delivery at Mastercard, where she is responsible for the technical implementation of Mastercard’s products and services with clients worldwide. She brings over 30 years of financial services experience, including leading financial inclusion initiatives at scale in developed and developing markets. Jennifer is also committed to an inclusive workforce and has been recognized for her advocacy in advancing women, ethnic minorities and the LGBT community.
Ria has worked in and around social housing for 14 years. She has led numerous organisational-wide change and growth programmes and has experience in public and private sectors, including construction, healthcare and at the English social housing regulator. She is co-chair of the National Housing Federation’s diversity, equality and inclusion group. She oversaw the introduction of the Women in Leadership programme aimed at supporting women working in housing to develop top class management skills.
Ria has a breadth of experience leading human resources, corporate communications, training, community engagement and social mobility teams.
Linda worked with PwC for 27 years and has extensive experience of leading and working with dynamic, complex and diverse leadership teams and developing business strategies for successful business performance. Linda qualified as a chartered accountant and chartered tax professional and also has an MBA.
Faith is a consumer finance expert. She acts as the Independent Consumer Representative on the Open Banking Implementation Entity Steering Group and authored the widely-read report: Open Banking: A Consumer Perspective and Consumer Priorities for Open Banking. Faith is a non-executive director for the Current Account Switch Service. This year she was named as one of the Standout 35 on Innovate Finance’s Women In Fintech Powerlist.
Until recently, Faith was a member of the Financial Services Consumer Panel at the FCA where she was the lead for technology and innovation. Previously, she was on HMT’s Financial Inclusion Taskforce and established Toynbee Hall’s financial inclusion work in the heart of London’s East End. She was awarded the Clore Social Leadership Fellowship in 2010.