Source · Select Committees · Treasury Committee
Recommendation 11
11
Paragraph: 89
The regulations made by the FCA, and the manner in which it supervises and enforces...
Conclusion
The regulations made by the FCA, and the manner in which it supervises and enforces those regulations, could have a significant impact on financial inclusion. However a primary role of the FCA should not be to carry out social policy, or to fill the gaps where it is Government that ought to be stepping in and addressing these issues. Government, community, and individuals all have a role to play in tackling poverty, an issue which is far broader than regulation.
Paragraph Reference:
89
Government Response
Acknowledged
HM Government
Acknowledged
The government notes this recommendation. As I set out in my letter of 25 July, the government’s position is that the FCA’s existing objectives and regulatory principles are already well-aligned with the government’s objectives on financial inclusion. The government does not consider that a separate ‘have regards’ to financial inclusion for the FCA would lead to a different approach or tangible improvements over the current arrangements. Many financial inclusion issues are complex and require several organisations to work together to come to a solution. There are numerous examples where this has been done successfully through close collaboration between the government, regulators, industry and the third sector, including through the government’s Financial Inclusion Policy Forum which was launched in 2018.