Policy paper

Summary of the first meeting of the Financial Inclusion Committee: 5 December 2024

Updated 20 December 2024

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Attendees

  • Tulip Siddiq MP, Economic Secretary to the Treasury (Chair)
  • Doug Brown, Aviva
  • Professor Martin Coppack, University of Birmingham and Fair by Design
  • Hannah Gurga, The ABI (Association of British Insurers)
  • Michelle Highman, The Money Charity
  • Helen Milner OBE, Good Things Foundation
  • Dame Clare Moriarty DCB, Citizens Advice
  • Oliver Morley CBE, Money and Pensions Service
  • Kate Pender, Fair4All Finance
  • David Postings, UK Finance
  • Sarah Pritchard, Financial Conduct Authority
  • Jasjyot Singh OBE, Lloyds Banking Group
  • Helen Undy, Money and Mental Health Policy Institute
  • Jonathan Westley, Experian

Welcome

The Chair welcomed members and set out her vision for the Financial Inclusion Committee and the Financial Inclusion Strategy in the context of the Government’s wider agenda. 

Discussion on prioritisation

There was general consensus among Committee members that the terms of reference covered the main policy areas that they had hoped to see included in a national financial inclusion strategy, and enthusiasm for the opportunity offered by the national financial inclusion strategy.   

Recognising the wide range of policy areas set out in those terms of reference, members discussed the need to further prioritise the work undertaken by the Committee.

Members also suggested during the discussion that the Committee should:

  • use existing data and research, including international comparisons;
  • generate problem statements focused on those customers who are most excluded;
  • join up with cross-government work where helpful (such as the Child Poverty Taskforce and Home Office’s work on Violence Against Women and Girls);
  • work towards outcomes; and
  • focus on interventions which could achieve change at scale.

Discussion on process

The Chair highlighted the Committee’s terms of reference. Each Sub-Committee set out in the terms of reference will be chaired by a Committee member.  The Chair emphasised that she was very keen that both the Committee and the Sub-Committees take into account the perspectives of those with lived experience of financial exclusion.  

The Chair explained that she would like to work with the Devolved Governments for their input to the financial inclusion strategy, and has written to Ministers in all three Devolved Governments. 

The Chair explained that the work of the three Sub-Committees is intended to be complementary to, rather than duplicative of, other workstreams being taken forward across HM Government.  Proposals related to those areas of focus which are not allocated to a Sub-Committee (savings, problem debt, financial education/capability) will be developed by HM Treasury officials, for discussion at future committee meetings. 

Conclusion

It was hoped that the next meeting of the Committee would be in March 2025.  This would allow time for the Sub-Committees to undertake substantial conversations while maintaining momentum.

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