Millions of people and thousands of small businesses in the UK are excluded from affordable credit, forcing many into high-cost or illegal lending and holding back economic growth. This entrenched market failure costs billions but is fixable.
A coalition of civil society organisations, including the Finance Innovation Lab, is calling for a Fair Banking Act as part of the national Financial Inclusion Strategy. The Act would require banks to disclose lending data, be rated on how they provide equitable access to credit, and expand partnerships with credit unions and Community Development Finance Institutions (CDFIs).
By unlocking up to £3 billion of affordable credit each year, the Fair Banking Act would protect families from predatory debt, support small businesses, and create thousands of jobs—helping to deliver inclusive economic growth and fair finance for all.
