The House of Lords appointed a Select Committee on 25 May 2016 to ‘consider financial exclusion and access to mainstream financial services’. The Committee published its final report, Tackling Financial Exclusion: A Country that works for everyone?, on 25 March 2017. The report made 22 recommendations and focused on government leadership, financial services regulation, financial education and capability, access to financial services, credit and borrowing, and welfare reform.
The government has considered the Committee’s recommendations carefully and addresses each recommendation in its response. The document outlines the government’s approach and steps taken to ensure that people have access to useful and affordable financial services. It also announces the creation of a Financial Inclusion Policy Forum to drive better coordination and engagement across government and with the sector to address the problem of financial exclusion.