John McFall MP delivered a keynote speech to the Annual Financial Inclusion conference organised by Transact on Monday 22nd February 2010.
Mr McFall outlined a current picture of the issues surrounding financial inclusion in the UK. During his tenure as Chairman of the Treasury Select Committee, this is an issue that has persistently been brought to the government’s agenda.
John McFall speaking at the Royal Bank of Scotland Headquarters in Bishopsgate, London“In this time of financial crisis, the issue of financial inclusion is even more pressing. We have worked hard at the Treasury Committee to raise the profile of this issue over the years and we have endeavoured to make it a government priority.”
Mr McFall pointed to the Committee’s achievements in tackling the issue of financial inclusion, which include the installation of free ATM machines in low income areas, and promotion of greater financial responsibility by calling for the increased provision of basic bank accounts.
“The downturn has seen inequalities increasing rather than decreasing. This crisis was a result of bad financial architecture and the reckless behaviour within it. The public should not be paying for this mess.”
After outlining the work of the Treasury Committee in recent years, Mr McFall’s speech considered the relationship between financial services and society, and how the social contract between banks and their depositors had broken down.
“There is an urgent need for both public and private solutions helping those who are financially excluded. Access to credit is vital, currently many are cut off not just financially but also socially as a consequence.”
After his speech, Mr McFall answered a range of questions from delegates on issues such as the future of banking at the Post Office and the varied social contexts of financial exclusion.
Afterwards, delegates were then able to exchange their views about the future of financial inclusion in an open debate, as well as participate in practical workshops.
Transact is a national forum for financial inclusion and a project of Toynbee Hall, the event was hosted by Royal Bank of Scotland in London.