NCC welcomes financial inclusion strategy

NCC welcomes government’s launch of its Financial Inclusion strategy as a next step in tackling the 2 million adults who still do not have access to a bank account, and supports additional 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: ‘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’.