Financial Conduct Authority: Financial Inclusion

Baroness Jolly Excerpts

Tuesday 22nd March 2022 Lords Chamber

[Baroness Penn (Con)]

I absolutely welcome that kind of innovative thinking, and the collaboration between the private sector and social enterprises, to support vulnerable consumers. Of course, there are basic bank accounts designed to ensure that everyone can have access to banking services; however, we want to encourage continued innovation and collaboration with the private sector.

[Baroness Jolly (LD)]

My Lords, what support are the Government currently giving the credit union sector?

[Baroness Penn (Con)]

My Lords, I think a noble Baroness before referenced the credit union sector. It does excellent work in supporting people with access to low-cost credit. I am sure that it is part of our Financial Inclusion Policy Forum, where we bring together representatives from industries of all sorts to look at what more we can do to ensure financial inclusion in this country.