Speech by Nikhil Rathi, FCA chief executive, at the Fair4All Finance Delivering Financial Inclusion Together Conference.
IntroductionThis is a pivotal moment for financial inclusion and capability.When they are mismatched, it creates points of vulnerability when small decisions carry big consequences.Ones you can see in the realities people face every day: in the choices they make, the help they look for, and the support they can or cannot find.Listening to a call with Citizens Advice in Caerphilly, I heard from someone with multiple debts, caring responsibilities and health issues.Overwhelmed by the complexity of the system, she felt unable to act. She had no clear, trusted way of understanding how to get out of debt.Similarly in Bournemouth, I met a volunteer for Christians Against Poverty who was once a client. They explained the lack of confidence to even pick up the phone and speak with creditors in the midst of personal crises and anxiety.I heard from Age UK in Truro about the issues in rural communities, with many not knowing how they can pay for basics without cash. Formally ‘included’ but effectively excluded in practice.These stories are more common than most realise – and reflect a structural issue.We, like Fair4All Finance, have been involved in the development of the new Financial Inclusion strategy which will be published shortly.The UK has made solid progress.Ten years ago, basic banking was out of reach for many. Today, more people have accounts than ever before, digital banking has opened access, and cash availability has been protected.We are working, alongside F4AF, to increase the supply of affordable credit through partnerships and innovation. You have helped expand access and deployed dormant asset funding on inclusion.On insurance too, working to improve take up among often excluded groups.These steps matter because inclusion is about more than simply opening the door to new products. It is not a once-and-done exercise. It’s about expanding availability of choices at predictable points in life when financial decisions are made.More people, making confident, informed decisions, and choosing the right tool to help.