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The Future of Financial Inclusion and Money Advice

The Future of Financial Inclusion and Money Advice. Sian Williams Toynbee Hall. Toynbee Hall. Anti-poverty charity in London’s East End Wide range of work including early policy and practice work on financial inclusion

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The Future of Financial Inclusion and Money Advice

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  1. The Future of Financial Inclusion and Money Advice Sian Williams Toynbee Hall

  2. Toynbee Hall • Anti-poverty charity in London’s East End • Wide range of work including early policy and practice work on financial inclusion • Manage Capitalise, debt advice partnership for London and founded Transact • Work at three levels in financial inclusion: • Front-line services for the vulnerable and excluded • Organisational change and improvement • Policy (govt and financial services sector)

  3. The Future for Front-line Services • Reduced funding requires us to work even smarter • Strong emphasis from funders (statutory and trusts) on value for money • Increased pressure on front-line organisations to deliver more for less • Need to identify our USP and work with those groups for whom we are best able to bring about sustainable change • Greater need for joined-up working across geographical and interest groups - holistic solution • Essential to harness organisational resources

  4. The Future for Organisational Change • Service providers who work with our key client groups are also under financial pressure • Business case models are now “must have” rather than “nice to have” • Providers of financial and essential services are central to a holistic solution • Clear leadership from the top is crucial to sustainable change • Worrying to see FI teams in e.g. RSLs being cut

  5. The Future of Policy • Former central govt led policy replaced by looser govt structure and shift of emphasis to third sector and service providers • Threat or opportunity? • Clear need for sector to take the lead and drive our work forward • Risks of drift and slipping down the agenda • But some areas of govt and financial services are still very engaged – DWP, MAS

  6. Our Response – Front-line • Focus our work into three clear strands • Local: Financially Inclusive Tower Hamlets • Young People: Money for Life • Access and support for most vulnerable and excluded: MyMoney Centre • Support the sector through developing measurement and evaluation frameworks and tools – FWMT and RBS Innovate

  7. Our Response - Organisational • Attempting to change the environment in which our key service users live and work • Working directly with service providers – RSLs, Health Providers, LAs etc – to analyse their frameworks and delivery • Financial Inclusion Health-check for Organisations (FIHCO) • Strategic and practical suggestions for change and improvement so service providers have a positive impact on their service users’ financial well-being • FITH is working on this at the borough level – over 40 organisations • Working with financial services providers at the strategic as well as operational level – LBG FISG

  8. Our Response - Policy • Be proactive – Transact engaged with the FITF before it ended to take forwards work on banking data and research • Be opportunistic – the policy debate is open for influencing – key areas of: • savings • affordable credit • integrating debt advice and financial capability • Genuinely inclusive financial services that meet needs e.g. jam jar accounts, insurance and savings products

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