The Finance Innovation Lab has joined financial inclusion experts and organisations including Charles Randell CBE, Martin Lewis CBE, and Johnny Timpson OBE, to co-sign a joint letter to Rachel Reeves MP, asking the Chancellor to ensure that financial inclusion is a priority for the FCA. This states:
“The FCA has a statutory strategic objective of ensuring that financial markets function well, and has said that “in all markets, we want consumers to be able to buy the products and services they need” (FCA, Our approach to competition, March 2024). A market from which a significant portion of the population is effectively excluded is not working well. Labour already recognises this, with its welcome Manifesto commitment to tackle the soaring cost of car insurance, but there are many other financial services where increasing access and participation would support hard-pressed families and boost the economy, including rainy day savings and affordable credit and household insurance”.
