Fair Banking for All Campaign Urges Need for Fair Banking Act in Parliament

Thursday 24 October 2024

Before this year’s General Election in the UK, Labour announced that financial inclusion would be a priority for them in government, with plans being developed for a comprehensive national Financial Inclusion Strategy. The Fair Banking for All Campaign is calling for a Fair Banking Act to be a central pillar of this strategy, to help grow the responsible finance sector.

This week in Parliament, the campaign hosted an event at the All Party Parliamentary Group on Fair Banking welcoming speakers to reiterate the need for a Fair Banking act.

Lloyd Hatton MP, Chair of the APPG, said: “We need a Fair Banking Act to help increase affordable lending in every corner of the country, ensure small businesses have access to the financial support they need, and guarantee that nobody is financially excluded by the mainstream banks. Only then will we deliver sustained economic growth across the whole of the UK.”

ABCUL CEO Robert Kelly spoke at the event, due to the Association being a key member of the campaign and said: “We need more humanity in our banking system. At a time when more and more people need access to affordable credit, their options are becoming more and more limited.

“People are being turned down by high-street banks because of their income level or credit score, and so they’re turning to high-cost credit or illegal lending. Credit unions give them an alternative. The sector continues to serve communities and employers across the country at record levels through the provision of ethical and responsible products and services. There’s so much demand out there for this kind of alternative – but we need a Fair Banking Act so we can grow to meet that demand, and help millions more people”

Actor and debt campaigner Michael Sheen also joined calls for the Government to pass legislation to help tackle the crisis of unaffordable credit and problem debt in the UK. Speaking at an event in Parliament on Monday, Sheen said: “Anyone can find themselves in a place where they need credit to make ends meet or to get through a difficult time. The lack of affordable credit for people on lower-incomes is harming individuals and families, but also businesses and communities. Whole regions are seeing their growth held back. We can’t keep waiting and hoping that things will get better. We need something to change now. The Fair Banking Act could be the thing which really makes the difference”.

Read more about the event and the campaign here.