Media comment: Financial Inclusion Commission report

Wednesday 11 March

In response to the Financial Inclusion Commission’s report published today, Caroline Rookes, Chief Executive for the Money Advice Service comments:

“The Financial Inclusion Commission’s recommendations set out a clear way forward to ensure people are connected to, and are able to use, the banking system and financial products. Easy access to a bank account and insurance products, as well as opportunities to save, are essential for financial resilience. This will ensure that people are able to plan ahead, prepare for unexpected costs and safeguard themselves against falling into financial difficulty.

“The Financial Inclusion Commission calls for leadership and co-ordination to improve the financial health of the nation. The Money Advice Service is co-ordinating the Financial Capability Strategy for the UK. This will provide a framework to align and focus the collective efforts of the sector to improve the financial capability in the years to come.

“As part of this strategy, the Money Advice Service will work with the financial services sector to help drive greater impact from existing resources. We are also developing and piloting an evaluation toolkit to achieve a common approach to high-quality and proportionate evaluation, enabling the sector to focus on interventions that really work. “We will work closely with the Financial Inclusion Commission to ensure the Financial Capability Strategy builds on the report’s recommendations to boost financial resilience across the UK.”

For more information please contact the Money Advice Service Press Office on 020 7943 0593 pressoffice@moneyadviceservice.org.uk