Fair4All Finance welcomes recommendations for building the UK’s financial wellbeing in the light of Covid-19
Here at Fair4All Finance, we’re on a mission to increase the financial resilience and wellbeing of people in vulnerable circumstances. We know we can achieve this by improving availability of fair and accessible financial products and services.
That makes us a good choice to be one of the organisations advising the Money and Pensions Service (MaPS) on their UK Strategy for Financial Wellbeing.
Our CEO Sacha Romanovitch chairs the MaPS Challenge Groups for Credit Counts (Affordable Credit) and Workplace. And she is one of the nine ‘Challenge Chairs’ behind a new independent report into Building the UK’s financial wellbeing in the light of Covid-19.
The report includes 13 recommendations for immediate action to address the urgent financial wellbeing implications of Covid-19, including
- Raising awareness of affordable credit options from community finance providers to people being targeted by high-cost credit and doorstep lenders
- A no-interest loan scheme for people most in need
- Urgent reconsideration of vulnerability by financial services
Sacha Romanovitch, CEO of Fair4All Finance said:
“We’re proud to have played our part in this report and welcome the recommendations. We’re pleased that they reaffirm many of the key priorities we’ve identified and are pressing on with. Even before Covid-19 impacted large parts of the economy, people throughout the UK faced deep financial wellbeing challenges. The recommendations in this report, all deliverable by the end of 2021, will significantly improve the financial wellbeing for people whose circumstances have become even more vulnerable through Covid-19.”
About the MaPS UK Strategy for Financial Wellbeing
A fundamental aspect of the strategy is organisations working together on a common goal of bettering the financial futures of people in the UK.
In their report, the Chairs make recommendations for MaPS, governments, businesses and the financial services and third sectors to work together and take action that can lessen the continuing impact of the crisis. They also highlight the disproportionate impact of Covid-19 on some Black, Asian and Minority Ethnic communities, whose financial wellbeing has been particularly affected.
The recommendations in the report have been developed alongside a wider programme of work contributing to the longer-term delivery plans which will set out how the UK Strategy for Financial Wellbeing will be delivered by the end of 2030. These delivery plans will be published in March 2021 and will have specific commitments for each nation of the UK.