The Select Committee on Financial Exclusion (the Committee) has been set-up by the Government to consider financial exclusion in the UK financial services market, which results in people having difficulty accessing or using the mainstream financial services that are necessary to participate in daily economic life and society.
On 22 July 2016, the Committee published its call for evidence welcoming views and experiences from all interested parties.
The Committee Chairman, Baroness Tyler of Enfield, has stated that the aim of the inquiry is to find a way forward. The Baroness informed that the Committee will look at the role banks and other members of the financial services industry can play in helping those who are currently excluded, including examining the role of charities, government and regulators. The Committee will also look at the quality of financial education in the UK and whether sufficient steps are being taken to ensure the varying generations are able to understand their finances and know where to obtain guidance if needed.
Interested parties have until 14 September 2016 to submit written evidence to the Committee.