Former Chair of the UK’s Financial Conduct Authority, Charles Randell CBE has lent his support to the growing calls for the next UK government to adopt and implement a National Financial Inclusion Strategy, putting an end to the piecemeal approach that has characterised this policy area for the past decade. Charles tells us why he believes a National Financial Inclusion Strategy is key to putting the nation’s economy on the path to growth.
“The UK leads the world in finance, but here at home too many people do not have access to the financial services they need.
Financial services businesses and the voluntary sector already play an important part in supporting financial capability and access to financial services – and they stand ready to do more.
However, politicians need to set a clear strategy and goals to ensure that central and local government, regulators and the financial and voluntary sectors coordinate to best effect.
We believe that financial inclusion should be a priority for the next Parliament. Manifesto commitments to a government-led strategy and measurable goals to be achieved during the next Parliament would help stretched households to help themselves, support more people into work, reduce the pressure on public services and grow the economy.
The goals of a financial inclusion strategy should include more financial education for children and young adults; more regular saving by working-age adults who have little or no savings; more sources of affordable credit, so that fewer people use costly credit for food and other everyday bills; and a significant reduction in the “poverty premium”.
With strong government leadership of this strategy, the financial services sector can deliver inclusive and sustainable growth that benefits the whole of the UK.”
Charles Randell CBE, July 2023