MPs warned that the government’s plan to tackle financial exclusion was “far from the final product”, and that industry voices may have had too much influence to the detriment of consumer groups.
Members Treasury Committee They say the financial inclusion strategy is a welcome first step, but it is incomplete and lacks vital information about who is affected.
In its report today, the committee says the strategy fails to set out key points about who is being excluded, where exclusion is concentrated, what services and products people are being excluded from, and why they are being excluded.
A cross-party committee of MPs scrutinizing the work of the Treasury says that without this information, the government cannot know whether it is making the right interventions or whether it is reaching those who need the most help.
They also expressed concern that industry voices may have had more influence in producing the strategy than consumer champions.
MPs are urging the government to show it is listening to consumers’ voices and life experiences.
In November 2025, the government published a financial inclusion strategy that aims to help people participate in the economy, manage their money well and plan for the future.
It promised to review progress on the strategy in 2027.
The strategy followed findings by the Financial Conduct Authority (FCA) in 2024 that 900,000 adults were “unbanked” and did not have a current account, while 13.1 million, or 24% of all UK adults, had low financial resilience.
The FSA found this was particularly concentrated among single parents, the unemployed, those with household incomes of less than £15,000 a year and renters.
Today’s report from the Treasury Committee warns against over-reliance on voluntary initiatives without setting appropriate milestones or checking progress.
“Volunteering and pilot projects can help test solutions, but they cannot be the main driver of a national financial inclusion strategy unless there are clear ways to scale up and clear consequences if volunteering fails,” the report says.
“This is especially important when companies are reluctant to serve consumers who may be more cost-effective, riskier, or less profitable.”
He goes on to say: “The government has rightly included the voices of consumers and the voices of life experience in developing the strategy. However, the process has not provided adequate protection against industry voices that have greater influence…
“…consumer voices, civil society and lived experiences must have a clear and ongoing role in shaping delivery.”
Chair of the Treasury Committee, Dame Meg Hellyer, said: “Governments often talk about their desire to raise the living standards of those who are struggling.
“Tackling financial exclusion across all UK postcodes is a great way to do this.
“Publishing the government’s financial inclusion strategy is a welcome first step, but that’s about it.
“Our report shows why the strategy is far from the final product.
“Treasury should not think that publishing this document and holding occasional meetings with stakeholders will be sufficient.
“There is a lot more to be done, and I look forward to seeing how this progresses.”
