In an opinion piece published in City AM last month, Charles Randell, former Chair of the UK Financial Conduct Authority and a member of the Financial Inclusion Commission, argues that financial inclusion is an essential aspect of sustainable economic growth.
While the UK market works very well for some, Randell explains, it extracts a "poverty premium" from others. "During my time as Chair of the FCA, I too came to realise that we cannot go on with a two-track system: with a globally successful financial services sector on the one hand, but millions of people at home who cannot access basic financial services on the other," he writes.
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