Read our response to the Government’s dormant assets consultation – a key opportunity in the fight against financial exclusion:
As the Government’s consultation on the expansion of the Dormant Assets Scheme closes, we want to thank everyone who joined us in responding to advocate for continued support for financial inclusion.
Our response sets out why we believe financial inclusion should remain a cause of the Dormant Assets Scheme:
Their needs are not currently being met by the financial services industry – either due to a lack of appropriately tailored products and services or lack of provision altogether. Financial and regulatory pressures have resulted in a significant contraction of provision and there are significant market disincentives for mainstream financial services providers to enter this market at scale.
Increasing financial inclusion will drive economic growth
Financial exclusion is a key barrier to wellbeing, opportunity and prosperity. Catalytic investment is needed to rectify the situation and establish a sustainable system that enables people to access products and services that provide them with a stepping stone to financial inclusion. That in turn enables them to lead richer lives and participate fully in society, driving economic growth.
Delivering sustained impact to 17.5m people
We’ve already created significant impact with dormant assets funding since 2019 and new initiatives that we’ve identified with a wide range of partners will deliver high impact change. Our work is complementary to government policy and what’s already funded. It has a nationwide impact across England and is targeted to communities who need it most.
Deploying dormant assets to financial inclusion is an efficient way to make an impact on the lives of millions of people
We have an existing system of delivery, governance and accountability – so strong foundations are in place for funding to get to work making impact quickly. And we’ve demonstrated that funds can be leveraged with every £1 of investment creating at least £10 of value through recycling of funds and securing co-investments to create sustained impact for 17.5m people.
If you share our vision for a fairer financial future, we’d love to hear from you. Together we can keep making a difference to the lives of millions of people.