Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to establish benchmarks for improving access to affordable financial services among vulnerable consumers.

The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.

The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion

To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).

The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.