Experts call for new ministerial role to promote financial inclusion
An independent body of experts and parliamentarians have called for financial inclusion to be a high public policy priority, going as far as urging the appointment of a Minister for Financial Health.
The call comes in a new report from the UK Financial Inclusion Commission called “Financial Inclusion: Improving the Financial Health of the Nation”. The Commission, an independent body of experts and parliamentarians, also urged the Financial Conduct Authority to promote financial inclusion as one of its core objectives.
The Commission suggests that community lenders might become more sustainable by reaching a wider market, therefore making themselves more attractive to commercial lenders and social investors. This might be achieved through learning from good technology and marketing practices developed by others in the market.
More details on the Financial Inclusion Commission and its report are available here.
The Commission highlights that nearly 2m adults in the UK do not have a bank account and that financially excluded people pay a 'poverty premium' of £1,300 each year.
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