Context
The FCA has published a speech, delivered by FCA Chief Executive Nikhil Rathi, at the “Fair4All Finance Delivering Financial Inclusion Together” Conference. The speech outlines the new Financial Inclusion strategy, citing that we are at a “pivotal moment for inclusion and capability”.
Key points to note and next actions
- Rathi introduced the speech by stating that when financial inclusion and capability are mismatched, it creates points of vulnerability when small decisions can carry big consequences, which can be seen in the realities people face every day. Consequences in the choices they make, the help they look for, and the support they can or cannot find.
- Financial inclusion and capability must go hand in hand. People need knowledge, confidence and support to make informed decisions.
- There is a gap between access to financial services and the public’s ability to use them effectively (the ‘capability gap’).
- The FCA cannot solve these issues by itself – coordinated action and collaboration is essential to ensure support reaches those who need it most.