CSFI

CSFI
Box 1: The Financial Inclusion Commission
“The Financial Inclusion Commission came together in 2014 as
a group of independent experts from politics, industry, NGOs and
regulators, committed to raising the profile of financial inclusion and
placing it back on the public policy agenda following the dissolution
of the Financial Inclusion Taskforce in 2011. The Commission worked
with policymakers and a wide range of stakeholders to come up with
deliverable policy proposals. The ultimate aim of the Commission is to
make itself redundant, by encouraging politicians from all sides to take
forward its ideas and lead on the issue, to ensure Britain becomes a
truly financially inclusive society.
“The initial focus of the Commission was to assess the lay of the land.
The publication of its landmark report in 2015, entitled “Financial
Inclusion: Assessing the Financial Health of the Nation”, gave a clear
picture of the problems, direction of travel and potential solutions. Of
the 22 policy recommendations, covering banking, payments, credit
and insurance, a key theme emerged: there was a lack of leadership
and coordination. The research phase was crucial in providing a basis
on which to campaign for changes to policy, which is under the control
of different government departments and works differently across the
regions and nations of the UK. In this respect, the Commission helped
instigate a more holistic approach to tackling financial exclusion.
“Since launching its research, the Commission has championed
financial inclusion through a variety of campaigns and events. Political
advocacy has been core to the work, helping to secure a commitment
to financial inclusion in the manifestos of the four main political parties
ahead of the 2015 General Election, which demonstrated a cross-party
consensus on the issue’s importance. More recently, the Commission
welcomed Sadiq Khan’s commitment, as part of his election campaign
to become Mayor of London, to promote financial inclusion.
“Also of note is the House of Lords Committee on Financial Exclusion,
instigated by one of the Commissioners, Lord (Archy) Kirkwood,
which launched a call for evidence in July 2016. The inquiry will pick
up where the Commission left off in 2015 and examine the role of the
financial services industry in helping those who are currently excluded,
as well as assessing the role of charities, government and regulators.
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