State of Financial Inclusion in UK: 10 years on from Northern Rock
“Financial Inclusion in the UK: Ten years On From Northern Rock…”
Thursday, 2nd November 2017
Credit Suisse, 5 Canada Square,
London E14 5AQ
Andy Davis, Financial Editor and Investor Columnist at Prospect Magazine
Christine Allison, CSFI & Archbishop of Canterbury’s Task Group on Responsible Credit and Savings; &
Louise James, Accenture Development Partnerships
Moderated by Nina Trentmann, News Editor, Wall Street Journal
Drinks reception to follow
In September 2007, Northern Rock sought and received a liquidity support facility from the Bank of England. Panic – and the UK’s first bank run in 150 years – ensued. The banking crisis became a financial crisis, which became an economic crisis. And as so often happens, it was the poor, the financially excluded, who bore so much of the brunt.
The acute crisis passed, but what’s happened in the meantime in the provision of financial services to low-income Britons? A decade later, nearly two million adults in the UK do not have a bank account. Up to 8.8 million are over-indebted. 31 percent of the population report one or more signs of financial distress. Is this indeed the same landscape as it was back then?
No. Much has changed. There are new suppliers; new platforms; new FinTech opportunities. New regulations have emerged – especially on payday lending, but also credit cards, overdraft costs and car finance. There is a shift in language towards financial ‘resilience’ through savings and insurance, and the role of financial education in increasing capability. The FCA has learnt from many of the failures of the FSA, and there is attention given to the elderly, and the financially excluded.
But there remains much to be done, and there are important questions to be addressed. How do these changes over the past decade impact financial service providers’ ability to serve vulnerable segments? What are current customers’ needs? Is FinTech a panacea? What is the role and vision of the new market entrants? And what do we think the landscape might look like in 2027?
This event, the last evening event of FIF’s busy 2017 calendar, will provide a rich discussion on the needs of low-income or financially excluded Britons today, and look at inclusive finance from different perspectives of the financial inclusion ecosystem.
To discuss these issues, we are delighted to welcome:
- Christine Allison, who is Financial Inclusion Fellow at the Centre for the Study of Financial Innovation, member of the Archbishop of Canterbury’s Task Group on Responsible Credit and Savings, and author of Reaching the poor: The intractable nature of financial exclusion in the UK. She previously spent more than twenty years with the World Bank working in Africa, South Asia and Eastern Europe. She is also the regular moderator of the Financial Inclusion Forum’s Financial Inclusion News Review series of industry round-tables.
- Andy Davis, who is a UK based writer on investment, finance and business and is an investment columnist for Prospect. He was previously a journalist on the Financial Times for 15 years. He is the author of several research reports on developments in fintech, focusing on non-bank finance for small businesses for organizations including NESTA, the CSFI and the ACCA. He was named Personal Financial Journalist of the Year I the 2013 Wincott Awards.
- Louise James, who runs Accenture Development Partnerships, a not for profit unit in Accenture that provides consulting to the international development sector including iNGOs, Donors and Foundations. Louise is currently a Delivery Group member on the Financial Inclusion workstream of the UK Government’s Inclusive Economy Partnership. Louise’s specific experience with Financial Inclusion also includes co-authoring the Accenture and Care report “Within Reach: how banks in emerging economies can grow profitably by being more inclusive” and being a steering committee member of Banking On Change: a partnership between Barclays, Care and Plan (2011 – 2015).
The event will be moderated by, Nina Trentmann, a News Editor for the Wall Street Journal in London. She covers corporate finance for the print and online edition of the Journal as well as the vertical CFO journal. Her stories appeared in Die Welt and Focus and she won a prize for achievements in German business reporting.
The event will be followed by drinks and nibbles, courtesy of our generous hosts Credit Suisse, so please stay on after!
Event held as part of Financial Inclusion Week, a global series of conversations on how to achieve full financial inclusion while keeping clients first, coordinate by the Center for Financial Inclusion (CFI) at Accion
- 02 Nov 2017 18:30 - 20:30