University of Birmingham professor appointed to government Financial Inclusion Committee

Professor Martin Coppack, from the University of Birmingham, has been appointed to the government’s new Financial Inclusion Committee, which has been tasked with creating a new financial inclusion strategy for the UK.

Made up of consumer groups and financial institutions, their focus on tackling financial exclusion will discuss ways to provide individuals with poor credit histories access to safe and affordable credit.

The committee will also identify measures to support the 11.5 million people in the UK with less than £100 in savings limit their vulnerability to unexpected costs. Such low savings significantly increase their vulnerability to unexpected costs or unforeseen life events.

Martin Coppack is Professor of Practice in Financial Inclusion and Consumer Policy, at the Centre on Household Assets and Savings Management (CHASM), University of Birmingham. His expertise lies in using research to engage commercial, regulatory, government and civil society organisations to create change for consumers. He’s held a range of positions, all with the common objective of placing low income and vulnerable consumers at the heart of policymaking within essential services.

With Professor Coppack’s appointment, the University of Birmingham has become the only academic institution represented on the committee.

On his appointment, Professor Coppack said: “Financial exclusion makes life more expensive for those who can least afford it and leads to many people paying a poverty premium for essential goods and services.

“I am delighted to have been appointed to the committee and congratulate the Economic Secretary to the Treasury, Tulip Sidiq MP, for her commitment to addressing the needs of so many locked out of essential financial services, or who are charged more because they are on a low income.”

Treasury Minister, Tulip Siddiq, hosted the first meeting of the new Financial Inclusion Committee on 5^th December.

On the launch of the committee Tulip Siddiq, Economic Secretary to the Treasury, said: “Being able to open a bank account, build savings for a rainy day or access affordable loans is vital to helping people across the UK manage their money.

“I want to make the system fairer and more accessible – and that’s what this work is all about.”

Professor Coppack’s work at CHASM is centred on creating powerful cases for change within social and regulatory policy for consumers of essential services. His specific areas include the poverty premium, financial inclusion, consumer representation and engagement, and inclusive design.

CHASM is an interdisciplinary research centre which investigates the causes and consequences of financial risk and insecurity and promotes policies to foster financial wellbeing. We have a diverse and inclusive research agenda, covering topics such as precarity, savings, debt, inequality, assets, and financial inclusion.

Dr Louise Overton, Associate Professor in Social Policy and Director of CHASM said: “We are delighted that Professor Martin Coppack has been appointed to the government’s new financial inclusion committee. CHASM has long track record of conducting rigorous, policy relevant research on Financial Inclusion, and this appointment offers an excellent opportunity for translating that evidence into policy and practice.

“As a research centre, we are strongly committed to ensuring our research makes a difference to society and the economy, and we look forward to feeding into the work of the committee to achieve that.”

The Committee will also include representatives from major financial institutions such as Lloyds Banking Group, insurance firm Aviva, credit reference agency Experian, and consumer groups like Citizens Advice and the Money & Mental Health Policy Institute, a charity founded by Martin Lewis.