Summary of Financial Inclusion Policy Forum meeting April 2020
Published 22 May 2020
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The Financial Inclusion Policy Forum brings together leaders on financial inclusion to ensure collaboration across government and with the sector. The forum is co-chaired by the Economic Secretary to the Treasury and the Minister for Pensions and Financial Inclusion. The Forum’s fifth meeting was held on 27 April 2020 as a video conference call.
1. 1. Agenda items of the fifth meeting included:
- an update from both Ministers on their respective departments’ policy responses to COVID-19
- a discussion on forum members’ responses to COVID-19
- a discussion about potential medium-term support measures for consumers to reduce financial exclusion risks
2. 2. Key themes of discussion included:
- an overview of progress made by HM Treasury, the regulators and the sector to provide forbearance and other flexibilities to consumers following the COVID-19 outbreak, and a discussion about how to further support specific cohorts of consumers at this challenging time
- an update on DWP’s enhanced welfare support for consumers impacted by COVID-19
- a discussion about how members have responded to the key issues arising from the COVID-19 outbreak and how they have been supporting their customers
- identifying the key challenges for financial inclusion in the medium-to longer term following the COVID-19 outbreak and considering what the solutions may be for specific “at risk” groups. Members discussed how to segment consumers to understand who is “at risk” and how best to support them.
The next forum meeting is expected to take place in Autumn 2020.