Today the Treasury Select Committee’s report into the future of financial services regulation endorses Fair By Design’s recommendation for the Financial Conduct Authority (FCA) to be given a ‘have regard’ to financial inclusion and to report annually to Parliament on financial inclusion in the UK.

Martin Coppack, Director, Fair By Design said:

“It is fantastic news that the Treasury Select Committee has endorsed Fair By Design’s recommendation for the Financial Conduct Authority to take account of financial inclusion across its work. Low-income households lose over £490 a year to the poverty premium, and as the cost of living continues to rise, more and more people will be priced out of accessing basic financial products.

“Now the government must act on the Committee’s recommendations and ensure that the needs of all consumers are put at the heart of the FCA’s work. The government’s upcoming Financial Services and Markets Bill provides a once in a generation opportunity to make this happen.”

Notes to Editors

For the full Treasury Select Committee report

For more information about Fair By Design and the poverty premium visit: https://fairbydesign.com/whats-the-poverty-premium/

Fair By Design’s response to the Treasury Select Committee Inquiry.

Fair By Design and the Financial Inclusion Commission’s coalition letter to Treasury Minister, John Glen MP.