Asked by: Katrina Murray (Labour - Cumbernauld and Kirkintilloch)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Culture, Media and Sport, what levels of funding have been provided to Fair4All Finance and what governance structures are in place for monitoring the spending of this funding.
Answered by Stephanie Peacock - Parliamentary Under-Secretary of State (Department for Digital, Culture, Media and Sport)
To date, £277.5 million of dormant assets funding has been allocated to Fair4All Finance to deliver financial inclusion initiatives. This includes £132.5 million allocated under the 2025 Dormant Assets Strategy. This funding will support financially excluded and under-served consumers to access affordable and useful products and services; as well as help build financial capability so that more people can manage their money well.
Fair4All Finance is overseen by the Oversight Trust, which acts as a governing parent to ensure funds are spent in line with the organisation's mission. Additionally, HM Treasury also maintains consistent engagement with Fair4All Finance to monitor progress and ensure delivery against its financial inclusion objectives.