Financial Services: Disadvantaged

HM Treasury written question – answered on 18th September 2015.

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Photo of Nick Hurd Nick Hurd Conservative, Ruislip, Northwood and Pinner

To ask Mr Chancellor of the Exchequer, what steps the Government is taking to promote financial inclusion and capability.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

The government has taken a number of steps to promote financial inclusion and capability.

Following extensive government negotiations with the banking industry, the nine largest current account providers in the UK have committed to improve basic bank accounts. From January 2016 basic bank accounts will be truly fee-free, allowing people who don’t have a bank account, or who would struggle to get a standard account due to money problems, to manage their money with certainty and clarity.

The Money Advice Service (MAS) is currently coordinating the development of a nationwide Financial Capability Strategy, with partners including representatives from the third sector, the financial services industry, regulators and educators.

Alongside the introduction of the pension freedoms in April 2015, the government committed to providing free, impartial guidance through Pension Wise, to help people make informed and confident decisions about how they use their defined contribution pension savings in retirement.

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