Financial Inclusion Commission Strengthens Leadership with Three New Appointments
The Financial Inclusion Commission (FIC) has announced the appointment of three new commissioners: Alderman Prem Goyal OBE, Rt Hon John Glen MP, and Luke Charters MP. Their expertise in financial services, governance, and policymaking will strengthen the Commission’s mission to champion financial inclusion across the UK. With these appointments alongside Commissioner Baroness Claire Tyler, the FIC now also has cross-party representation, spanning the Conservative, Labour, and Liberal Democrat parties, reinforcing its role as an independent, non-partisan body advocating for accessible and affordable financial services. The Commission includes the former chair of the FCA and former head of the No 10 Policy Unit.
A Stronger Voice for Financial Inclusion
Chaired by former Labour minister Chris Pond, the Financial Inclusion Commission is an independent body dedicated to ensuring that everyone in the UK has access to fair and affordable financial products and services. The Commission brings together leaders from finance, business, academia, and civil society to address financial exclusion, which remains a significant challenge in the UK. Despite being a global leader in financial services, millions of people in Britain remain financially vulnerable. Over one million people do not have a bank account, one in four households lacks insurance, and one in five adults would struggle to cover more than a month’s living expenses if they lost their income. The Commission works to challenge these disparities by influencing government policy, financial institutions, and regulatory frameworks.
The FIC’s 2024 research report, Achieving Full Financial Inclusion in the UK, conducted in partnership with the University of Birmingham's Centre on Household Assets and Savings Management (CHASM), highlighted major barriers to financial inclusion. These include limited access to everyday banking services, growing digital exclusion, lack of affordable credit options, and declining trust in financial institutions.
The appointment of Prem Goyal, John Glen, and Luke Charters strengthens the Commission’s ability to address these challenges and drive systemic change, and welcomes their dedication to solving this issue.
Chris Pond, Chair of the Financial Inclusion Commission, welcomed the new appointments, stating:
"The addition of Alderman Prem Goyal OBE, The Right Honorable John Glen MP, and Luke Charters MP brings a wealth of expertise to the Commission. Their backgrounds in finance, regulation, and policy will enhance our ability to advocate for meaningful change and ensure financial services work for everyone. With cross-party representation, we can drive forward policies that are effective, inclusive, and impactful."
Introducing the New Commissioners
Prem is a senior leader in finance, strategy and governance. An Alderman of the City of London since2017, Prem supports the Lord Mayor in promoting theFPS sector both at home and overseas. He is also the founding Chair of the City of London Chamber,advocating for 22,000 businesses in the Square Mile,which contribute £97 billion in economic output annually. Prem is a NED at Greengage, a fintech SMEbased in the City of London, and a Senior Advisor to theHinduja Group, a global conglomerate with an annual turnover of £40 billion. He focuses on net zero, fintechand real estate investments. His finance experienceincludes c.20 years at global investment banks,including Goldman Sachs and Deutsche Bank in NewYork, Tokyo, Zurich and the City of London, specialising in interest rates and credit derivatives. Growing up inIndia, Prem had modest beginnings. He earned degrees in engineering from IIT (India) and Clarkson University(New York). Prem then obtained an MBA from UCLA and went on to pursue executive education at ChicagoBooth. Prem has travelled to c.125 countries and was awarded an OBE for services to the economy and promoting charitable giving in 2013.
John Glen is the Conservative Member of Parliament forSalisbury. He previously served as Paymaster General and Minister for the Cabinet Office, as Chief Secretary to the Treasury from 2022 to 2023. Before that he was the longest-serving Economic Secretary to the Treasury from 2018 to 2022, during which time he was also Minister for Financial Inclusion. John has held a range of ministerial and parliamentary roles, including Parliamentary Private Secretary to theChancellor of the Exchequer and Parliamentary UnderSecretary of State for Arts, Heritage and Tourism. He has been a strong advocate for financial services, economic growth, and local investment. He also played a significant contributory role in the All-Party Parliamentary Group on Hunger and Food Poverty's inquiry, Feeding Britain, which examined food insecurity and proposed solutions to address hunger in the UK.Before entering Parliament in 2010, John worked in the private sector, holding positions at Accenture and theStrategy Unit at the Ministry of Defence. He holds a degree from Oxford University and has been actively engaged in his local community, championing economic development and infrastructure improvements in Salisbury.
Luke Charters is the Labour Member of Parliament for York Outer. Before his election to Parliament, Luke had a distinguished career in financial services. He began at the Bank of England, contributing to payments infrastructure projects and the polymer banknotes programme, before moving to the Financial Conduct Authority, focusing on fraud prevention. Subsequently, he led the Fraud and Compliance department at the global fintech company Remote. Since entering Parliament, Luke has concentrated on financial services, convening debates on fraud and economic crime. He serves as Chair of the All-Party Parliamentary Group (APPG) on Financial Technology (FinTech) and on thePublic Accounts Committee.
About the Financial Inclusion Commission
The Financial Inclusion Commission (FIC) is an independent body made up of leaders from finance, business, the charity sector, academia, and politics. The Commission champions financial inclusion as a policy priority, providing research-based recommendations to government, financial institutions, and regulators to tackle financial exclusion.
