Financial Inclusion Follow-up

Financial Inclusion Follow-up

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This report follows up on a previous report (HC 848-I, session 2005-06, ISBN 9780215031396), and a related publication on banking services (HC 1717, session 2005-06, ISBN 9780215031426). The Committee commends the Government's response to these earlier reports, but sets out some 33 conclusions and recommendations, including: the development of a wider range of savings options for lower income households; more protection for consumers from the risks relating to prepayment systems, such as Christmas savings schemes; the launch of a targeted national Saving Gateway scheme with the Government matching savings by low-income individuals with its own contributions; a renewed commitment from the Government to the reform and future funding of the Social Fund; the Committee commends the Government's consultation process on changes to legislation within which credit unions operate, and the possible renaming of credit unions to qcommunity banksq, the Committee further recommends that such bodies should be able to pay interest on savings.The Taskforce also notes with interest the decision by the Competition Commissiona#39;s inquiry into the home credit ... in determining the overall success of the voluntary partnership approach to combating financial exclusion in banking services.

Title:Financial Inclusion Follow-up
Author:Great Britain: Parliament: House of Commons: Treasury Committee
Publisher:The Stationery Office - 2007-10-09


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