Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Strategy. Read the original article for full details.
MPs Warn of Industry Sway in Treasury Financial Inclusion Strategy
MPs have warned that the government’s Financial Inclusion Strategy may have been overly influenced by industry voices, potentially at the expense of consumer groups. The Treasury Committee described the strategy as “far from the finished product” and highlighted concerns about missing information on who is affected by financial exclusion.
According to a report published by the committee, the Financial Inclusion Strategy is seen as a welcome first step but is incomplete. The MPs noted that the strategy does not identify who is excluded, where exclusion is concentrated, which services and products people are excluded from, or the reasons for their exclusion.
The cross-party panel, which scrutinises the Treasury’s work, stated that without this information, the government cannot determine if its interventions are effective or if they are reaching those most in need. The committee also expressed concern that industry voices may have had greater influence in shaping the strategy than consumer champions.
The MPs urged the government to show that it is listening to consumer and lived-experience voices in the development of future policies. Treasury Committee chair Dame Meg Hillier commented that while the publication of the Financial Inclusion Strategy is a positive first step, more work is needed to address financial exclusion across the UK.
For letting agents and inventory clerks, the committee’s findings highlight the importance of balanced policy-making that considers the needs of all stakeholders, including those who may be financially excluded from the property market.
Source: Mortgage Strategy