Financial Inclusion Follow-up: Saving for All and Shorter Term Saving Products
HC 504, Thirteenth Report of Session 2006-07 – Report, Together with Formal Minutes, Oral and Written Evidence
- House of Commons – Treasury Committee
- TSO (The Stationery Office)
'Financial Inclusion Follow-up: Saving for All and Shorter Term Saving Products (HC 504)' follows up on a previous report ('Financial Inclusion: Credit, Savings, Advice and Insurance (HC 848-I)', ISBN 0215031393), and a related publication on banking services ('"Banking the Unbanked": Banking Services, the Post Office Card Account and Financial Inclusion (HC 1717)', ISBN 0215031423), both of which are available below. The Committee commends the Government's response to these earlier reports, but sets out some 33 conclusions and recommendations.
the development of a wider range of savings options for lower income households;
more protection for consumers from the risks relating to prepayment systems, such as Christmas savings schemes;
the launch of a targeted national Saving Gateway scheme with the Government matching savings by low-income individuals with its own contributions;
a renewed commitment from the Government to the reform and future funding of the Social Fund; and
the Committee commends the Government's consultation process on changes to legislation within which credit unions operate and the possible renaming of credit unions to 'community banks', the Committee further recommends that such bodies should be able to pay interest on savings.
|Format||Paperback||Published||09 Oct 2007|
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