Thursday March 4th 2010, Grange Holborn Hotel, 08:45 - 16:00
Working in Partnership to Tackle Financial Exclusion and Improve Financial Capability
“Preventative action to help raise consumers’ financial capability can help those at risk of falling into unmanageable debt to stay in control of their finances and avoid the distress of problem debt. […] Our interventions should never just be a short-term fix in a difficult economic climate, but should help build the long-term capability of consumers. We may not see these benefits fully realised in our lifetimes, but we should keep this aim foremost in mind in all our interventions.”
Sarah McCarthy-Fry MP, Exchequer Secretary to the Treasury, HM Treasury, 14th July 2009
Overview
The current period of economic turbulence and uncertainty has highlighted the unfairness, scope of the challenge and the depth of the divide between the majority of people who have access to a range of financial products and services, and those who are financially excluded. Many people do not have access to bank accounts, financial advice, and insurance products and services.
With the Financial Inclusion Task Force’s remit set to end in 2011, what progress has been made in providing adults, who are financially excluded, with greater access to bank accounts, low-cost credit, remittance services support and convenient and easy access to impartial financial and debt advice? Is there a sufficient range of appropriate products available from organisations that are both familiar to and familiar with those who are financially excluded?
Financial inclusion is not simply about taking corrective action to make markets – which are not naturally occurring - work more effectively by extending their services and expertise to the least well-off. Financial exclusion can impose heavy costs on individuals, their families and their communities that may lead to further social exclusion, which may require further funds to take effective remedial action. Financial capability includes the financial education, advice and information necessary to enable anyone to acquire the confidence and skills to make responsible financial decisions. As part of this, there is a great need for more and better financial education in schools, for young people and for adults.
Agenda
This timely forum will provide delegates with the opportunity to discuss the extent, nature and causes of financial exclusion and identify ways in which it can be tackled.
| 08:45 |
Registration and Coffee |
| 09:30 |
Chair’s Welcome Address
Bernie Morgan, Chief Executive, Community Development Finance Association, Member, HMT Financial Inclusion Task Force (CONFIRMED) |
| 09:40 |
Tackling Financial Exclusion – The Financial Inclusion Action Plan
- Financial Inclusion Action Plan 2008-2011: key points
- Savings Gateway
- Money Guidance Pathfinders: update
- National strategy for financial capability:
- Budget increase for 2009/10
- Making the most of your money:
- Unemployed
- Older people
- NEET's
- New parents
- Curriculum changes: money management courses for school students
- Workplace courses
- Extending the role of credit unions
Sarah McCarthy-Fry MP, Exchequer Secretary, HM Treasury (CONFIRMED)
|
| 10:00 |
Reducing Financial Exclusion – Key Strategies
- The causes of financial exclusion
- Government interventions and programmes: what has worked and what hasn’t?
- Changing behaviours: working with City institutions to meet the needs of vulnerable and excluded groups
- Housing finance
- Pensions
- Meeting the cost of social care
- What role for the Third Sector?
Mick McAteer, Director, Financial Inclusion Centre (CONFIRMED)
|
| 10:20 |
Black, Minority and Ethnic (BME) Communities and Financial Exclusion
- BME communities: differences exist within and between population groups
- BME communities experience of financial exclusion
- Addressing financial exclusion – action for change:
- Banking
- Credit
- insurance
- Money advice
- Savings
Omar Khan, Senior Researcher and Policy Analyst, Runnymede Trust (CONFIRMED)
|
| 10:40 |
Questions and Answers Session |
| 11:00 |
Coffee and Networking |
| 11:25 |
UNLOCKING the Door to Financial Inclusion
- Working with prisoners and ex-prisoners: providing financial training and education programmes
- Transition from prison to mainstream society: providing practical training programme
Chris Bath , Director of Projects, UNLOCK (CONFIRMED)
|
| 11.45 |
Financial Inclusion Strategies: Meeting the Needs of Older People
- Older people and the financial sector: key facts
- Financial exclusion among BME elder communities in the UK
- Older people and financial product and services provided by financial services sector
- Postbank: the post office closures and the need for change
- Understanding the needs of older people: extended outreach work by government departments, banks and utility companies
Jane Vass, Policy Adviser, Financial Services, Age UK (CONFIRMED)
|
| 12.05 |
Intervening To Break the Cycle of Financial Exclusion
- Context of financial exclusion: 70% financially excluded are social housing tenants
- Working with the housing sector to assist and develop strategies and initiatives to promote financial inclusion amongst tenants and residents; these include:
- Accessing money advice
- Accessing bank accounts
- Working in partnership with credit unions and other agencies
- Promoting the benefits of prevention and early intervention
Sharon Wheeler, DWP Senior Financial Inclusion Champion for Housing, Chartered Institute of Housing (CONFIRMED)
|
| 12:25 |
Questions and Answers Session |
| 12:45 |
Lunch and Networking |
| 13:45 |
Developing Local Solutions to a National Problem
- Delivering local solutions: working with local communities in East London
- Financial capability: inreach work with young students
- Financial capability - outreach work with adults in the community to raise knowledge
- Community finance programmes to begin to reduce the number of people who are financially excluded
- Campaign for responsible lending and better regulation
Sian McLean, Head of Financial Inclusion, Toynbee Hall (CONFIRMED)
|
| 14:05 |
Providing Financial Inclusion in Rural Areas
- The challenges faced by financially excluded people in rural area
- Delivering debt advice and credit union outreach solutions in rural areas
Will Aston, DWP Strategic Rural Financial Inclusion Champion, Commission for Rural Communities (CONFIRMED)
|
| 14:25 |
Coffee Break and Networking |
| 14:45 |
Raising Levels of Financial Capability Amongst UK Consumers
- Research suggests financial education in schools is less effective when delivered through subjects such as Math's and Citizenship or through
- Personal, Social and Health Education (PSHE)
- What is the most effective way to deliver financial education?
- The ifs School of Finance's evidence based approach to improving levels of financial capability in the UK helps individuals to gain the skills, confidence and knowledge to make informed financial decisions by:
- Providing GCSE, AS and A level equivalent qualifications in personal finance
- Operating the ifs Student Investor for teenagers to learn about stocks and shares
- Providing adults with a learning Programme in Personal Financial Planning
Anne Kiem, Vice Principal, ifs School of Finance (CONFIRMED)
|
| 15:05 |
Financial Exclusion: The Role of Banks in the Current Economic Climate
- Partnering with the public ,the third and private sectors to design, market and provide new products to reduce financial exclusion:
- The savings gateway: the basic bank account
- Access to free cash machines
- Encouraging, supporting and providing adult, financial literacy
- Training frontline staff to communicate clearly with financially excluded customers because they may not be used to financial products
- Clear explanation of other product features and other related products
- The responsibilities of customers
Eric Lenders, Executive Director of Retail, British Bankers Association (CONFIRMED)
|
| 15:25 |
Questions and Answers Session |
| 16:00 |
Chair's Summary and Close |
*programme subject to change without notice
Audience
Delegates will be drawn from the following organisations: third sector organisations, credit unions, benefit managers, debt advice managers, independent money advice organisations, independent financial advisers, elected members, directors of adult services, directors of pensioners’ organisations, registered social landlords, housing advisors, Jobcentre Plus managers, bank managers, solicitors, prison teaching staff, teachers of adult-learners, directors of BAME organisations, and organisations that work with Muslim communities.
