Recommendation 13

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. The government already publishes an annual report on financial inclusion, including the work it takes forward jointly with the FCA. The government’s last annual report was published on 6 December 2021 and can be found on gov.uk. The FCA already publishes a number of documents, including its annual report and its 2022–25 corporate strategy document published in April which reference its work on financial inclusion and set out several consumer outcomes it is trying to achieve. These outcomes include for consumers to receive fair prices and quality, to be sold suitable products and services and receive good treatment, as well as for consumers to have strong confidence and levels of participation in