Community banking expansion explained

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Community banking expansion explained

Fri 13th May 2005

A new report has set out how affordable financial services through the community banking sector should be made accessible.

The Debt on our Doorstep network has explained that an expansion of community banking could make financial services more affordable to people on a low income across the UK.

Its report, Scaling Up for Financial Inclusion, sets out a number of recommendations which it hopes will be studied closely by the financial services industry.

These include making neighbourhood renewal units more involved in tackling financial exclusion, delivering financial inclusion services such as credit, savings and debt advice through local "one-stop-shops", and making local authorities in deprived areas implement financial inclusion strategies.

Stephen Timms, former financial secretary to the Treasury, said: "We are determined to work in partnership with the financial services industry and the voluntary and community sectors to maximise what we can achieve.

"I hope everyone reading this report will want to work with us, contributing to this very important aim [scaling up for financial inclusion]."

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