Policy paper

Summary of Financial Inclusion Policy Forum meeting 7 October 2019

Published 15 January 2020

This was published under the 2019 to 2022 Johnson Conservative government

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The Financial Inclusion Policy Forum brings together leaders on financial inclusion to ensure collaboration across government and with the sector. The Forum’s fourth meeting was held on 7 October 2019.

1. Agenda items of the fourth meeting included:

  • A presentation led by Fair4All Finance’s (F4AF) chair Richard Collier-Keywood on the use of credit data and its implications for financial inclusion.
  • An update from the Economic Secretary to the Treasury (EST) on the government’s progress on protecting access to cash.
  • A presentation by guest speaker Professor Peter Tufano, Dean of Oxford University’s Said Business School, on his experience setting up a Prize-Linked Savings (PLS) scheme in the United States.
  • An update from the EST on the government’s work to support credit unions.

2. Key themes of discussion included:

  • A presentation on F4AF’s research and recommendations in relation to credit data, looking at how to improve the use of credit data to benefit both consumers and affordable lenders.
  • Members of the Forum discussed F4AF’s recommendations in detail and considered how they could be operationalised.
  • Progress made by government over recent months on access to cash. Forum members discussed the need to preserve access to cash for those who need it and considered the provision of a cash infrastructure in a holistic sense.
  • Reflections on Professor Peter Tufano’s experience of setting up a PLS scheme in the US, and lessons for the UK government’s pilot scheme for credit unions. Accounts are now open, and the pilot will run until March 2021.
  • An update on the progress of the Government’s measures on affordable credit announced at Budget 2018, and a reflection on the importance of the credit union sector.

The next forum meeting is expected to take place in Spring 2020.

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