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Financial services
Financial Inclusion
The Government believes that banks should serve the economy, and is committed to improving access to banking and the transparency of financial products for consumers. Tackling financial ‘exclusion’ will help alleviate some of the problems faced by many low-income families who are currently unable to use mainstream banking services. The benefits include being able to receive payments through a variety of channels, having a more secure place to keep money and reducing the cost of household bills. Consumers should also be able to trust the products and services available to them and have a wide range of choice.
Financial Inclusion Taskforce
The Government’s policy in this area is taken forward in partnership with the Financial Inclusion Taskforce. The Taskforce is an independent body, which considers how Government and industry can ensure that everyone can access the financial services they need. First established in 2005, and chaired by Brian Pomeroy, the Taskforce has made progress on a number of difficult policy issues since its inception. Its current programme is scheduled to run until March 2011.
The Government has asked the Taskforce to advise the Government on access to financial services, in particular transactional banking, savings, insurance, and affordable credit. The Taskforce will also continue to advise the Government on ensuring access to debt advice.
In December 2010, the Taskforce completed a review of banking services for poorer households. The Taskforce’s report can be read below:
The following minutes and agenda of Financial Inclusion Taskforce meetings are available to download in PDF. Older minutes and agendas should be accessed through the National Archives (opens in new browser window).
- 10 February 2011: Minutes (PDF 67KB)
- 10 February 2011: Agenda (PDF 32KB)
- 4 November 2010: Minutes (PDF 61KB)
- 4 November 2010: Agenda (PDF 32KB)
- 2 September 2010: Minutes (PDF 56KB)
- 2 September 2010: Agenda (PDF 35KB)
- 13 July 2010: Minutes (PDF 17KB)
- 13 July 2010: Agenda (PDF 30KB)
- 10 June 2010: Minutes (PDF 89KB)
- 10 June 2010: Agenda (PDF 52KB)
The Financial Inclusion Taskforce can be contacted at financial.inclusion.taskforce@hmtreasury.gsi.gov.uk
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