Summary of Financial Inclusion Policy Forum meeting May 2022
Published 27 June 2022
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The Financial Inclusion Policy Forum (“the 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 ninth meeting was held on 10 May 2022.
- Agenda items of the ninth meeting included:
- Updates on financial inclusion work that HM Treasury and the Department for Work and Pensions have taken forward recently.
- A discussion on the rising cost of living from the perspective of financial inclusion, considering how the sector could work together and potential actions that it could take to support consumers.
- A presentation from Richard Collier Keywood and Sacha Romanovitch on Fair4All Finance’s work to date and their long-term strategy, especially in the context of the opportunity presented by the new Dormant Assets Act 2022.
- Key themes of the discussion included:
- Under the first agenda item, the Ministers thanked the ABI for leading the ‘access to contents insurance sub-group’ last year and noted publication of the ABI’s guidance for social landlords and housing officers. They confirmed that the Government is currently reviewing the sub-group’s recommendations. Ministers also recognised the interest from some Forum members for the FCA to be given a ‘must have regard to’ financial inclusion as part of the Future Regulatory Framework.
- Under the second item, Forum members reflected on the increasing number of people in financial difficulties because of the rising cost of living and the implications and challenges for the debt advice and affordable lending sectors. The discussion also focused on possible actions that industry, charities and the Government could take; suggestions included further work by the utility sector on default notices, ways to increase the uptake of underclaimed benefits and consideration of innovative solutions such as open banking to help vulnerable consumers. Some Forum members also suggested setting up a ‘practitioners’ sub-group’ to develop more ideas and solutions.
- Under the third agenda item, Fair4All Finance provided an overview of their work to date to support the affordable lending sector, including the recent launch of the no-interest loan scheme pilot and targeted research into addressing systemic financial exclusion. The presentation also reflected on emerging areas of opportunity and their medium- to long-term strategy. Fair4All Finance and Ministers concluded by urging members to respond to the forthcoming Government consultation on the causes that should be prioritised by the money released through the new Dormant Assets Act which will be launched over the summer.