posted on 2011-04-20, 15:05authored byPaola Signoretta, Noel Smith, Lisa Holmes, Jacqueline Beckhelling, Yvette Hartfree, Katherine HillKatherine Hill, Esmeranda Manful, Matt PadleyMatt Padley, Kim Perren, Amanda Waring
The Financial Inclusion Champions (FIC) initiative was designed at the request of the
Financial Inclusion Task Force (FITF) as part of the financial inclusion strategy to
build and co-ordinate partnerships with local authorities, social landlords and other
potential financial inclusion intermediaries to promote Financial Inclusion (FI). Prior
to the initiative, the Department for Work and Pensions (DWP) used the contacts
established through the ‘now let‟s talk money‟ programme to convene a series of
regional road shows for organisations with an interest in financial inclusion. In the
developmental stages of the initiative research was undertaken to ensure that the
Champions would be located in the areas of greatest need. At the request of the
FITF, Experian (2007) quantified and mapped the scale of mismatch between
existing demand for, and supply of, third sector affordable credit. Local authorities
were ranked in order of greatest priority for establishing new affordable credit
provision. In addition, FITF/HM Treasury (HMT) decided that there was a need not
only for regionally-focused Champions but also those focused on particular crosscutting
themes at a national level. Hence, thematic Champions were recruited to
address financial inclusion in relation to housing, banking and rural areas.
Champions aimed to stimulate the demand for and, where possible and desirable, to
increase the supply of, basic financial services for financially-excluded people
through the work of local delivery partnerships. The Champions’ objectives
supported the FITF aims to increase access to banking, saving, debt and money
advice, affordable credit and home contents insurance. (Continues...).
History
School
Social Sciences
Department
Communication, Media, Social and Policy Studies
Research Unit
Centre for Research in Social Policy (CRSP)
Citation
SIGNORETTA, P. ... et al, 2011. Evaluation of DWP Financial Inclusion Champions Initiative: final report and appendices. London: HM Treasury.