On 22nd February, Transact held a conference to look at the future of Financial Inclusion. Using an "Open Space" format, delegates were asked to answer the question "What should the next Government do about Financial Exclusion?" They were asked to come up with ideas and then vote on their top priorities. The top five were:
- Convert the Post Office Card Account (POCA) to a transactional account (essentially a basic bank account)
- Create a blueprint/clear way forwards for joining up work at a local authority level and work towards a national indicator
- Introduce a phased benefits system for return to work to remove the black/white approach to unemployment benefits, including considering allowing newly employed people to build up a pot of savings before losing all benefits or considering a financial incentive after e.g. 12 months of employment
- Carry out inclusive consultation about the way forward
- Ask all banks to publish online a specific list of ID their branches will definitely accept and provide a committment as to what customers without ID on the list can expect in terms of guidance from branch staff. This is to prevent misuse of Money Laundering Guidance
To download the full Transact report click here
Use our new FI Forum and enter the debate on what the top priorities for financial inclusion should be. Click here.