The Financial Inclusion Centre is an independent, not-for-profit think-tank. Its aims are to:

·         promote greater financial inclusion and provision so that consumers' core  financial needs are met; and
 

·         promote fair and inclusive, efficient and competitive, well-governed and accountable, properly regulated financial markets.

We focus on two groups of consumers:

·         consumers who could be, but are not, providing for themselves; and

·         consumers who are not commercially viable for mainstream financial services and need alternative solutions to meet their core financial needs. 

Please note that The Centre is not an advice agency and cannot provide advice or help to individual consumers. 

The Centre supports its aims through a number of core activities.

Research and analysis

We aim to be a leading centre for research into financial exclusion and consumer behaviour in financial services focusing on:

·         quantifying the extent of financial exclusion and underprovision;

·         analysing the impact on consumers – including regional impacts, and how exclusion affects specific groups of consumers;

·         identifying and analysing the root causes of financial exclusion so that solutions and policies are effective;

·         providing insights into consumer behaviour so that financial capability initiatives have greatest impact and products are better designed to meet consumers needs;

·         assessing the impact of government and regulatory policy, ‘environmental’ trends in society such as changing socio-economic conditions and demographics, and market developments on consumers.

Innovation

However, we don’t just research and analyse issues, we believe in promoting inclusion through innovation and partnerships. We develop practical policy measures and innovative solutions that increase access to fair and affordable financial products and services:

·         we actively promote fair and efficient financial markets and an effective regulatory system to promote consumer confidence and greater take-up of financial products by consumers;

·         as consumer advocates we continue to campaign against poor practices. However, we make a point of working in partnership with industry to ensure consumers’ financial needs are met. We help firms develop fair and transparent products that consumers trust and understand, and provide independent consumer audits for firms. We believe consumer advocates can help markets evolve by working with providers rather than just campaign against issues taking as our role model the FairTrade Foundation and Soil Association in the food sector;

·         we are developing innovative solutions based on partnerships between the financial services industry and the third sector to increase access to fair and affordable financial services for consumers who are not economically viable for mainstream financial services providers.

Planning and advisory services

With our expertise and experience, we also work with social partner organisations to develop and implement strategies for combating financial exclusion. This includes for example:

·        helping national, regional and local authorities, and charities research financial exclusion and develop focused, targeted financial inclusion and capability strategies;

·        providing practical help in setting up organisations to combat exclusion such as credit unions, and developing solutions such as insurance with rent schemes; and

·        building capacity in the third-sector to help it play a more effective role in meeting the needs of excluded and marginalised consumers.

Why is it needed?

Millions of households and individuals are affected by serious levels of financial exclusion and insecurity. This is one of the greatest public policy challenges currently facing society and if policymakers, industry, consumer advocates, and other stakeholders don’t work together to develop solutions, millions of individual consumers will be condemned to bleak financial futures. Moreover, if we don’t manage to ensure that consumers are provided for, then society picks up the cost.

There are many organisations such as academic institutions, charities and other third sector organisations doing great work in the financial inclusion field undertaking detailed research into the numbers of people affected by financial exclusion or helping out people in distress such as Citizens Advice and Consumer Credit Counselling Service.

However, the founders of the Centre felt that not enough was being done to understand the causes of financial exclusion and underprovision and, crucially, not enough was being done to develop innovative and practical solutions.

Funding

The Centre expects to be funded mainly by research funding for specific projects, and by providing advisory services for partner organisations. However, we would also welcome core funding to support ongoing and operational costs.

If you would like further information about the Centre's work or woud like to discuss specific projects, please contact Mick McAteer, Director, on mick.mcateer@inclusioncentre.org.uk, or call 0207 391 4594, mobile: 0783 779 7748