Global Regulation Tomorrow

On 5 December 2024, HM Treasury (HMT) published the terms of reference for the new Financial Inclusion Committee, which has met for the first time.

The Committee’s mission is to tackle barriers to individuals’ and households’ ability to access affordable and appropriate financial products and services. It will aim to develop, coordinate and implement interventions to support financial inclusion in the UK, and advise the UK Government on the development of its financial inclusion strategy. 

Areas of focus for the Committee will include digital inclusion and access to banking services, savings, insurance, affordable credit and problem debt, and financial education and capability. It will also consider cross-cutting themes across these areas, such as accessibility, mental health and economic abuse.

In a related press release, HMT explains that the Committee – which is made up of consumer groups and financial institutions and chaired by Tulip Siddiq MP, the Economic Secretary to the Treasury – will discuss ways to provide individuals with poor credit histories access to safe and affordable credit. It will also identify measures to support the 11.5 million people in the UK with less than £100 in savings to limit their vulnerability to unexpected costs.

Access to banking, access to affordable credit and improving savings will form part of the Government’s Financial Inclusion Strategy, set to be published next year.