We are delighted to first off announce that we have been successful in our fit and proper assessment by DCMS and the National Lottery Community Fund and are set to receive our funding in November.
Financial Inclusion Data Sharing Review
Earlier this year, Fair4All Finance was commissioned by the Financial Inclusion Policy Forum to review the role of credit data in the affordable credit market and to assess whether new data sources could improve providers’ ability to make appropriate lending decisions for individuals in financially vulnerable circumstances. We have published a summary of our findings here: Financial Inclusion Data Sharing Review
Scaling affordable credit provision
We are finalising how we can most appropriately support the five affordable credit providers participating in our pilot programme to scale up their operations, and we are currently working with these organisations to develop their growth plans.
We will apply lessons from this pilot to our future approach to managing our fund, and use the insights gained to design a target operating model for what best practice could look like in affordable credit provision.
Developing a Theory of Change for the Affordable Credit Sector
We now have a robust Theory of Change for the affordable credit sector which identifies the key opportunities where the sector can drive impact. We are in the process of consulting on this version with our partners and stakeholders.
The final phase of this project will be engagement with our target consumers to ensure that the consumer voice is strong and guides all our work.
Externalities of high-cost credit research
We are undertaking research to determine the externalities of high-cost credit – quantifying its cost to society based on health and wellbeing economics and demonstrating the value of affordable alternatives. We have commissioned Pro Bono Economics to conduct an initial feasibility study, which will be published later this month.
Good financially inclusive employer programme
We are developing a programme to improve financial inclusion and wellbeing in the workplace. Our ambition is to develop standards and guidance for employers so that employees have the financial ability to access and stay in employment, and have access to the systems and processes which support their financial wellbeing throughout their employment.