UK National Consumer Council has expressed its support for the UK government's financial inclusion strategy as a step in tackling the two million adults who still do not have access to a bank account, as well as planned measures to increase affordable credit, promote Christmas savings schemes and protect low-income savers.
Nicola O’Reilly, senior policy advocate at the National Consumer Council said: The government’s long-term commitment to financial inclusion is great news. In order to reduce the number of unbanked further, a real push is now needed to ensure that basic bank accounts are an attractive proposition for those without accounts. NCC research shows banks must deliver good customer service and a basic account that meets the needs of people new to banking.
Ring-fencing consumers’ money in Christmas savings schemes is a positive and welcome step, and the forthcoming public awareness campaign will help re-build people’s confidence. The development of credit union and post office Christmas savings schemes will increase competition, give consumers choice, encourage them to save and avoid high-cost credit.
NCC will be discussing this further with stakeholders this spring.