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Most people take access to financial services for granted. They obtain credit, operate bank accounts and make investment decisions. They make choices in a competitive market. They see the benefits of the trend towards a “cashless society”. However, for a significant minority of people in the United Kingdom, such financial services seem inaccessible. Such people face higher charges for loans and other financial services. They face barriers in undertaking even simple transactions. They often do not know who to turn to for advice and support. They suffer from the drawbacks of the trend towards a “cashless society”.

Financial exclusion can blight the lives of those affected by it. It can limit opportunities for employment and enterprise, impose a premium on the costs of basic services and reinforce social exclusion. Financial exclusion imposes costs on society and the State, making it harder to tackle unfairness and more expensive to distribute benefits. Financial exclusion also has detrimental effects on the financial services industry itself, limiting the chances for companies and other providers to broaden their customer base.

Contents

Summary
1 Introduction

Why financial inclusion matters
The genesis of our inquiry
The conduct of our inquiry
Reporting on our inquiry

2 The challenges of financial inclusion

What is financial inclusion?
The nature of financial exclusion
The varieties and scope of financial exclusion
The costs of financial exclusion
Benefits of financial inclusion

3 Access to affordable credit
The costs of credit
Tackling high cost credit

Illegal lenders
Doorstep lenders
Tackling extortionate credit and an interest rate cap
Data-sharing

Credit unions and CDFIs

The role of the third sector
Credit unions
CDFIs
Other services
General approach
The Growth Fund and other sources of assistance
Credit unions in Northern Ireland
Attracting capital and expertise from the banks
Community Investment Tax Relief
A new Credit Unions Act?
FSA regulation of providers of third sector credit

Direct deduction of repayment from benefits
The Social Fund
Secured lending
Right to Buy lending

4 Saving for all

Savings and financial inclusion
The basic advice regime
A market-led solution?
The Saving Gateway
Background
Evidence from the pilots
Comparisons from abroad
Conclusions

Capital limits for benefits
Housing associations savings with rent accounts
Savings and other aspects of financial inclusion
Conclusions

5 Access to financial advice

Debt advice
Generic financial advice
The current gap
Possible delivery mechanisms
Funding and charges
Regulatory barriers

6 Access to Insurance

Conclusions and recommendations

Formal minutes
List of witnesses
List of written evidence
List of unprinted written evidence

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