The FCA (Financial Conduct Authority) were keen to find out more about CHASM’s research on Financial Inclusion as part of their regional programme of engagement and gain a deeper perspective on the impact of financial exclusion for vulnerable consumers.
CHASM had a wide ranging and insightful discussion in the roundtable on topics including the need to urgently regulate Buy Now Pay Later products; the limited and unequal value of advice, guidance and information as a primary consumer protection mechanism; the need for a cap on pension drawdown charges, and much much more. CHASM also emphasised how their research evidence demonstrates the growing need for affordable and flexible financial products and services, that can adapt to the changing needs and circumstances of people’s increasingly complex and uncertain lives. A conclusion from the discussion was that this is key to helping individuals and households build financial resilience and wellbeing.
Nikhil and his team were really responsive to our evidence and underscored the FCA’s commitment to financial inclusion. It was great to hear Marie Roberts say how informative CHASM’s Financial Inclusion Monitor reports have been for the work of the FCA.