STATEMENT: Government is taking the issue of financial exclusion seriously

November 7, 2017

The government has today published their response to the House of Lords report on financial exclusion. 

Statement from the Financial Inclusion Commission:

"The Financial Inclusion Commission welcomes today's announcement as a further indication that the government is taking the issue of financial exclusion seriously. A forum to champion financial inclusion in the heart of Whitehall has a vital role to play in making this a country that works for everyone.

"Financial inclusion is about ensuring that every adult in the United Kingdom is connected to the financial 'mains', just as he or she is connected to mains electricity or mains water. The Financial Inclusion Commission wants financial services that are accessible, easy to use and meet people’s needs over their lifetime. That means access to banking and payment services, insurance, savings and affordable credit.

"Since 2014 we have been working with government, industry and stakeholders to put financial inclusion back onto the political agenda. While we have had generous support from Mastercard, we have kept complete independence in our activities. Since that time we have seen positive steps on financial inclusion made across the world, in places as far and apart as China and the USA.

"The United Kingdom leads the world in financial services. It should also lead the world in ensuring that every adult in these islands is connected to those services in affordable ways that meet every individual's needs."

For further information and comment please contact laura.sainsbury@fticonsulting.com or 0203 727 1079.