On 24 May I attended the launch of the Financial Conduct Authority (FCA) Occasional Paper 17 on Access to Finance on behalf of Capco. The paper signals an important evolution in the perception of Financial Inclusion amongst banks and insurers. Critically, Financial Inclusion is taking a firm place on the senior management agenda, alongside consumer vulnerability, ageing and a fairer market.
Below are the key points from the launch event:
It was clear to all event participants that awareness of and genuine interest in the causes and consequences of financial exclusion are widespread throughout the financial services community. However, as a nation, we still have some way to go in making sure that all sections of society can benefit from financial services. What matters most now is action.
Capco is developing practical measures financial institutions need to take to identify and respond to the needs of financially excluded customers. Look out for our thought leadership paper on Financial Inclusion, due for publication in early June.
Howard Taylor is a Senior Consultant with the FRC practice at Capco. He has extensive experience in the post-crisis regulatory environment, having worked on both s166 engagements as part of the skilled person team and in-house at a Tier 1 UK bank. Howard is also a trustee of a financial inclusion charity.
The content and opinions posted on this blog and any corresponding comments are the personal opinions of the original authors, not those of Capco or FIS.