Policy paper

Summary of Financial Inclusion Policy Forum meeting March 2019

Published 13 September 2019

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 third meeting was held on 26 March 2019.

1. Agenda items of the third meeting included:

• a discussion reflecting on the progress on affordable credit
• a presentation on proposals for a digital platform which aims to offer a new affordable lending journey for consumers by Charles Butterworth and Jonathan Westley of Experian
• a presentation on Open Banking by Rachael Sinclair, Director of Strategic Planning, Nationwide
• a presentation on the strategic direction of the new Money and Pensions Service (MAPS), by John Govett, Chief Executive of MAPS

2. Key themes of discussion included:

• progress on the implementation of the government’s package on affordable credit announced at Budget 2018, which built on the work and recommendations of the forum’s affordable credit subgroup. The Financial Conduct Authority also provided an update on their work on high cost credit and progress against relevant recommendations made by the subgroup
• the launch of Fair4All Finance - the new organisation established to distribute dormant assets funding to promote financial inclusion. The organisation is expected to be fully operational in autumn 2019, and distribution of funds will start shortly thereafter. Fair4All Finance’s chair, Richard Collier-Keywood, will join the forum as a permanent member
• a wide-ranging discussion on credit data and the potential benefits of greater data-sharing following Experian’s presentation on proposals for a new platform to facilitate more affordable lending
• reflections on the benefits of Open Banking technology to improve individuals’ financial inclusion and capability, whilst remembering that those without access to technology should not be overlooked and further excluded
• a presentation on MAPS strategic direction in its first year of operation, which will involve an extensive listening phase to gather stakeholders’ views to inform MAPS’ development of a national financial capability strategy, to be published in late autumn

Following the forum’s discussion on credit data, a second subgroup of the forum has been established to review to what extent a lack of credit data is a contributing factor in financial exclusion and what action could be taken to benefit consumers. The subgroup on credit data is chaired by Fair4All Finance and will report back to the forum at its next meeting in October 2019.