Financial Services: Disadvantaged

Treasury written question – answered on 15th December 2020.

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Photo of Seema Malhotra Seema Malhotra Shadow Minister (Work and Pensions) (Employment)

To ask the Chancellor of the Exchequer, what recent discussions he has had with the financial services sector on tackling financial exclusion.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Tackling financial exclusion remains a key priority for the Government and HM Treasury engages on a regular basis with a wide range of stakeholders, the financial services sector and the regulators to ensure that all individuals, regardless of their background or income, have access to useful and affordable financial products and services.

The Government established the Financial Inclusion Policy Forum in November 2017 with a membership of leaders from across the financial services sector, charities and consumer groups. The Forum is co-chaired by the Economic Secretary to the Treasury and the Minister for Pensions and Financial Inclusion and meets twice a year. It provides leadership and ensures collaboration across government and with the sector in tackling financial exclusion. The Forum’s last meeting was in November 2020.

In recent months, the Government has worked closely together with the financial services industry, charities and the regulators to provide unprecedented support to those at risk of financial exclusion as a result of COVID-19. This work is detailed in the Government’s Financial Inclusion Report 2019-20, which was published on 19 November 2020 and can be accessed at: https://www.gov.uk/government/publications/financial-inclusion-report-2019-2020.

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