New HM Treasury committee to explore measures to help people in financially vulnerable circumstances access banking, affordable credit and other financial services
Fair4All Finance has joined a range of consumer groups and financial institution on a new HM Treasury committee focused on tackling financial exclusion.
The Financial Inclusion Committee’s mission is to tackle barriers to people’s ability to access affordable and appropriate financial products and services.
Alongside Fair4All Finance, the Committee includes representatives from major financial institutions such as Lloyds Banking Group, Aviva, Experian, and consumer groups like Citizens Advice and the Money & Mental Health Policy Institute.
Treasury Minister Tulip Siddiq hosts the first meeting today to explore measures to help people in financially vulnerable circumstances access banking and affordable credit, improve savings and build financial resilience.
The committee will meet quarterly and findings will support development of the Government’s Financial Inclusion Strategy which will be published next year.
Kate Pender, CEO at Fair4All Finance said:
‘Everyone needs access to affordable financial products and services to go about their daily lives, manage their money and be economically active. An ambitious Financial Inclusion Strategy which covers the whole financial services sector is an integral part of helping the 20 million people in the UK who are in financially vulnerable circumstances. We look forward to working with the Government, committee and industry to make this a success.’
Tackling Financial Exclusion Together
Since 2019 we have developed a significant evidence base of people’s experience of financial exclusion, collaborating with brilliant people across the financial services sector and civil society.
Informed by this work speaking to customers and stakeholders, we recently set out the big issues that we all need to focus on to boost financial inclusion and change the lives of millions of people.
We know it will take the combined skills of the whole industry, government and regulators to tackle financial exclusion. We’re delighted to be joining the new Financial Inclusion Committee and we look forward to continuing to work with all our partners to create a fairer financial services system.
