Why we exist
We want everyone to be able to access the financial products and services they need throughout their life. In tough times many people can turn to financial safety nets like savings, credit cards or an overdraft at affordable rates. But for the millions of people in financially vulnerable circumstances these options are often unfairly out of reach.
Today there are 14.2 million people with low financial resilience. That’s more than a quarter of all adults in the UK – a number that’s risen by 3.5 million people since the start of the Covid-19 pandemic.
What do we mean by financially vulnerable circumstances?
Essentially, we define vulnerability in the same terms as the Financial Conduct Authority (FCA), where a vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to harm.
Everyone is at risk of becoming vulnerable at some point during their lives. This risk is increased by characteristics of vulnerability related to four keys drivers:
Health
this could be ongoing physical or mental health issues for you or loved ones, sudden health needs or simply ageing ailments that affect ability to carry out day to day tasks
Life events
anything from birth and bereavement to a relationship breakdown or losing your job
Resilience
low ability to cope with financial or emotional shocks, including lack of savings and insurance safety nets or low emotional resilience
Capability
this spans financial knowledge, your ability to pay for things, future planning, environmental and income factors
Evidence suggests that those in the most vulnerable circumstances are impacted by each of these drivers. And that these drivers will shape customers’ needs over the whole of their financial lives.
Who we serve
Millions of people are living with the daily realities of financial exclusion. Those in financially vulnerable circumstances aren’t spread evenly across the country – they are concentrated in some of the most deprived regions, hardest hit by the growing cost of living crisis and facing dwindling options as traditional finance providers struggle or exit the market altogether.
While we’re all capable of becoming financially vulnerable, our research shows that certain circumstances make some people more likely to face financial exclusion*:
The majority of the people we support live in the most deprived 20% of areas of the country, based on the Index of Multiple Deprivation
35% are lone parents with dependent children, compared to 9% of the overall UK population
58% are social housing tenants, compared to 17% of the overall population in England
*Estimated data from sources including Statistica, Gov.uk, Office for National Statistics and reports from various community finance providers
The Covid-19 pandemic has delivered uneven outcomes too. While many have been able to save more, lots of families have seen their savings eroded. Since March 2020, 11m people have accumulated £25b of debt to pay for essentials.*
Those who can least afford it have been hit the hardest – women, people from certain minority and ethnic communities and those already in financially vulnerable circumstances.
*StepChange, Covid Debt Rescue
Our strategy
Financial exclusion and low financial resilience are key barriers to opportunity. Yet with access to fair and affordable financial products and services, everyday life events or financial shocks can be managed.
Our role is to level up financial inclusion. We want to see well designed financial products and services that better respond to people’s needs and support their financial wellbeing.
We’ve prioritised three key areas for our work:
Expanding the provision of affordable credit
Partnering with banks and financial services providers to increase provision of services
Developing new products and services to address market gaps
Everything we do is focused on whether we’re changing the financial services system for the better – so that the whole sector provides financially inclusive products and services in a sustainable way.
Who we are
We are a passionate team of ex-financial folk, social sector investors, social and not for profit activists, ex-government bodies, media and researchers who are all now specialists in financial inclusion. Together we share a passion for financial inclusion and a unified vision to deliver our mission:
Our vision
Is a society where the long term financial wellbeing of all people is supported by a fair and accessible financial services sector.
Our mission
Is to increase the financial resilience and wellbeing of people in vulnerable circumstances by increasing the availability of fair and accessible financial products and services.
How were we founded
We were founded in 2019 through the Department of Digital, Culture, Media and Sport (DCMS) to tackle the issue of financial inclusion.
Our funding comes from The Dormant Assets Scheme. The scheme is led by the financial industry and backed by the UK government. This makes it possible for money in dormant bank and building society accounts to be used to help good causes.
While our funding is for England, we seek to collaborate across all four nations where possible.
Meet the team
CEO
Operations
Funding, finance and investment
Growth and development
Systems change and impact
Our Board
Job vacancies
We are seeking to appoint an independent member to join the Finance, Grants and Investment Committee of the Board and are particularly interested in applications from individuals who have experience in asset management, social investing, investing in early stage ventures or consumer credit.
This is not a full non-executive director Board role but provides the opportunity to be involved in this important committee which is a fundamental element of the governance arrangements for FairFair4All Finance Limited.
The Finance, Grants and Investment Committee is looking to appoint a further member of the Committee with the skills and experience to support the Committee and executive in reviewing and shaping grants and investments. The grants and investments are made with the objective of scaling the community finance sector so affordable credit is available, as appropriate, for those in financially vulnerable circumstances.
We are seeking to recruit an independent member to support the Finance, Grants and Investment Committee across the full range of its responsibilities. The individual will therefore have the appropriate skills and experience and will be able engage constructively in strategic discussions. More specifically, they will have:
- experience in asset management, social investment, investing in early stage ventures or related investment expertise
- familiarity with consumer credit provision and the performance indicators, dynamics and operating environment associated with this sector
- ability to operate at both strategic and detailed levels, deal with complexity and make strategic financial and business decisions
- ability to provide independent scrutiny and sound judgement, providing both challenge and support
- ability to think strategically and creatively
- good communication and listening skills
- good people skills and ability to work collaboratively
- ability to devote the necessary time to the role.
Please send your CV and a short cover letter by email to Linda@fair4allfinance.org.uk by midnight Friday 27th October 2023.
As advocates for fair hiring, actions will be taken to minimise bias and increase inclusivity, this includes monitoring diversity of candidates at the different stages, reviewing the composition of our interview panels and ensuring consistent candidate assessment throughout.
Click ‘Apply here’ to read the full application pack
Closing date : 27/10/2023
We are seeking to appoint an independent member to join the Culture, Talent and Remuneration Committee of the Board at Fair4All Finance. This is not a full non-executive director Board role but provides the opportunity to be involved in this important committee which is a fundamental element of the governance arrangements for FairFair4All Finance Limited.
Full description >We are seeking to recruit an independent member to support the Culture, Talent and Remuneration Committee across the full range of its responsibilities. The individual will therefore have the appropriate people skills and experience and will be able engage constructively in strategic discussions. A list of what we are looking for is below.
• Greater diversity or lived experience on the Committee.
• Senior experience of working in the community finance sector or small organisations with a social mission who have successfully scaled their operations.
• Experience in the areas of transformational change, culture and organisational development.
• A passion and good understanding of equity, diversity and inclusion
• You do not need to have experience of Committee or Board membership but we are looking for the ability to think strategically and creatively.
• Ability to provide independent scrutiny and sound judgement, providing both challenge and support
• Great communication and listening skills
• Good people skills and ability to work collaboratively
Please send your CV and a short cover letter by email to Linda@fair4allfinance.org.uk by midnight Friday 27th October 2023.
For an informal chat with the Chair of the Committee please contact ria@bailespartners.co.uk
Click ‘Apply here’ to read the full application pack
Closing date : 27/10/2023
Our values
Fair
We’re impartial, open and rigorous in making sure our work has the right impact. We share a strong sense of fairness and we’re determined to make the system work better for everyone.
Inclusive
We value diversity and difference. We also recognise the financial system has a disproportionate impact on those excluded, so we’ll work doubly hard to ensure their voices and insights are reflected in our team and inform our work.
Bold
The problems we’re tackling require bold solutions and we won’t shy away from being radical. We’re prepared to take considered risks in order to make a difference.
Compassionate
We believe in treating everyone with dignity and respect, and we work with empathy to consider the needs of everyone we interact with. We take care in communicating the hard choices we’ll inevitably have to make.
Collaborative
We know we can’t change the system on our own and we don’t have all the answers. So we work in partnership with inspiring organisations as together we’re stronger.