Call for evidence
The Financial Inclusion Commission aims to take stock of the state of financial inclusion in the United Kingdom, and to develop practical recommendations to promote financial inclusion.
To help ensure that the Commission understands the challenges and opportunities that lie ahead, it called for evidence submissions from interested groups, organisations, government departments, and individuals. You can find all the submissions here.
Oral evidence sessions took place in London, Liverpool, Cardiff and Glasgow. You can read the transcripts here .
What policy change would most support increased financial inclusion for the client group you represent?
- What do you see as the role of the regulator, government, and financial services in promoting inclusion?
- Do you have any practical examples of financial inclusion initiatives that have been successful?
What impact, positive or negative, does the increasingly digital delivery of financial services (e.g. prepaid cards, online banking) have on financial inclusion?
- What opportunities are there to use technology to facilitate financial inclusion?
- How has the financial downturn changed the nature of financial exclusion?
- What is the impact of welfare reform on financial inclusion and what support should be available to people as a result?
What transactional services do households on low or unpredictable incomes, or who have experienced a life shock, need and want?
- What improvements are needed to make basic banking fit for purpose?
- Can technology help deliver better transactional banking services for people on low or unpredictable incomes?
Is there scope to bring people into mainstream credit who are currently excluded, while also ensuring that this does not risk financial difficulty?
- For people who are unlikely to qualify for mainstream credit, what might affordable alternatives be? Should banks, building societies and others play a role in provision?
- How does credit scoring contribute to financial exclusion, and are there viable alternatives to traditional credit scoring?
- What reforms could be considered to ensure consumers getting into financial difficulty are protected including those who become insolvent?
What role should the state and the insurance sector play in providing a financial safety net in the event of an unexpected life event? e.g. bereavement, family breakdown, unemployment and illness
- Is the insurance market functioning appropriately and competitively?
- How can we ensure that people on low incomes, especially private tenants, have access to appropriate and attractive insurance products for their possessions and property?
- Will pension reforms enable inclusion, and what further improvements could be made?
Should policymakers enable and encourage people on low incomes to save, particularly in the economic downturn?
- To what extent can savings act as a preventative measure, helping people to avoid debt?
- What incentives to save work best for people on low incomes, and how might the costs of these incentives be met?
- What practical steps could be taken to foster a savings culture in the UK?