Summary of Financial Inclusion Policy Forum meeting 19 March 2018
Published 3 May 2018
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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.
1. Agenda items of the first meeting included:
- a discussion of the work of the Financial Inclusion Commission, an independent campaign body working on financial inclusion issues, led by the Commission’s Chair, Sir Sherard Cowper-Coles
- an update on the Department for Digital, Culture, Media and Sport’s plans to direct funding from dormant assets to financial inclusion initiatives, led by the Minister for Sport and Civil Society
- an update on the Financial Conduct Authority’s work on Vulnerable Consumers and Affordable Credit, led by Chris Woolard, Director of Strategy and Competition at the Financial Conduct Authority
- a discussion of the success of basic bank accounts, and further work needed to ensure that all people who need a basic bank account are able to access one, led by David Raw, Deputy Director of the Banking and Credit team at HM Treasury, and Sian Williams, Director of the Financial Health Exchange at Toynbee Hall
2. Key themes of the discussion included:
- the opportunity created by the forum to facilitate collaboration between sector leaders to find solutions to financial exclusion, and reflections on the collaboration already occurring in this space
- the ambition of the forum to improve access to affordable credit and the importance of working jointly to address this issue
- the success of basic bank accounts so far and the challenges remaining to ensure those who need them are able to access them
- how financial capability initiatives complement improved access to financial products and services by ensuring consumers can make the most of their money
- the importance of digital solutions to tackle financial exclusion, as well as their potential limitations
- how best to achieve the ambitions of the forum, potential next steps and how to turn it into an effective driving force in the financial inclusion space
The next meeting will be in early autumn 2018.