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Understanding what financial exclusion is and determining what it means to be financially excluded in the UK today are key themes open for exploration in the FCA’s latest occasional paper on the subject. Occasional Paper 17 (OP/17) observed that an inability to access financial services “seriously undermines people’s ability to take responsibility for their own financial well-being and resilience.”
Hence the reason for the paper which BIBA members can access by clicking here.
The FCA wants OP/17 to be a means of bringing together for debate a range of issues around access and inclusion in retail financial services with the paper culminating in a series of questions for the regulator and other stakeholders to consider and respond to.
Woolard added: “This Occasional Paper aims to begin a new conversation. Throughout this paper the authors have tried to present issues very much from the consumer perspective – what does detriment look like to consumers and what might good look like to them when it comes to issues of financial inclusion?”
BIBA will be submitting an official response to the OP/17 and members with any comments/examples that they would like to be considered in that submission should be sent to David Sparkes at sparkesd@biba.org.uk. Alternatively feedback can be sent directly to the authors by contacting Martin Coppack at martin.coppack@fca.org.uk or by telephone at 020 7066 6064.
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk
The post FCA explores barriers to accessing financial services in the UK appeared first on British Insurance Brokers' Association.
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