Thursday 29 April
The cdfa is a founding member of the Better Banking Campaign, which is calling for fairer and more inclusive financial services. This is our open letter to the party leaders. For more information visit http://betterbanking.org.uk
To the leaders of all parties,
We are writing on behalf of low-income communities, third sector organisations, and small businesses across the UK. These groups have suffered and continue to suffer unfairly, because financial institutions have not met their needs. We feel strongly that in return for the privilege of a banking licence, and billions of pounds of public investment, we need a new settlement between society and the financial sector.
Around 6 million people cannot access mainstream credit –often due to having no credit history, not a bad one- and have no choice but to borrow at interest rates of up to 9,000%, leading to inescapable spirals of debt. Lack of access to banking services costs low income households av. £1,000 more a year.
So many of us take credit for granted, with our mortgages and student loans. But low-income communities, third sector organisations and small businesses suffer from unfair access to financial services. Responsible lending, (not lending for lending’s sake) advances us socially and financially.
Therefore, what we want is a financial sector that reaches out to support those who need the most help, and enables them to become financially independent: to build savings and pensions, to have every opportunity to flourish financially and economically. We need a system that actively encourages financial institutions to engage with low income communities, third sector organisations and small businesses.
We call upon the BBC and participants to cover these issues in the final Party Leaders’ Debate:
- Requiring banks to publicly disclose where they are lending and providing services – how much and to whom – including in respect of small businesses
- With this data, providing incentives and obligations for banks to serve social responsibilities, along the lines of the US Community Reinvestment Act.
- Capping the amount that can be legally charged for credit
- Reinvesting 1% of banks’ profits for public benefit
Many are still struggling in the wake of the recession. Don’t return us to business as usual.
Signed,
The Better Banking Campaign; and
Bishop Doyé Agama, Deputy Moderator, Churches Together in England, National Director, Apostolic Pastoral Association
Black training and enterprise group
Clifford Rosenthal, President/CEO, National Federation of Community Development Credit Unions
Craig Dearden-Phillips MBE – Social Entrepreneur
Don Smallwood MBE, Chairman of Preston Road Neighbourhood Development
Dr Doreen Finneron MBE
Dr Rebecca Tunstall, LSE
Dr. Campbell Jones, Past Chair, 2008-2010, of the European Business Ethics Network (UK)
Ed Mayo, Co-operatives UK
Executive Director of the Faith Based Regeneration Network UK
Geoff Mulgan, Director Young Foundation
Hilary Willmer, founder of CROP
Jaz Greer – Founding Director Cast Trust
Jeremy crook OBE
Liz Richardson, University of Manchester, Research fellow
Maria Saur Senior Consultant/Social Anthropologist
Marilyn Taylor, Emeritus Professor, University of the West of England
Marion Jenner, Campaigner
Mark Ebert, Close Brothers PLC PERSONAL CAPACITY
Martin Sime Chief Executive SCVO
Nigel Kershaw OBE, CEO Big Issue Invest
Pat Conaty, Research Fellow, New Economics Foundation
Prof. Peter Case, UWE
Prof. Simon Lilley, Head of the School of Management, University of Leicester
Professor Stefano Harney, Chair, 2010-2012, of the European Business Ethics Network (UK)
Revd. Paul Nicholson, CEO, Z2K
Roger Morton, Campaigner
Sunny Hundal, editor Liberal Conspiracy
The Right Revd Dr John Saxbee, Bishop of Lincoln
African Women’s Empowerment Forum
Council for Ethnic Minority Communities
NorthamptonshireHuman Relations Network
Leicestershire Ethnic Minority Partnership
CREATE Consortium2
Inter-Faith Forums in the South West
2D (Support for the Voluntary and Community Sector of Teesdale and Wear Valley)
3Gs Development Trust
ACEVO
Act on Carbon
Action for Prisoners’ Families
Acumen Trust
Adur Voluntary Action
African Human Right Heritage
Age Concern Brighton and Hove
Amazon Public Relations
Andrew Logan Museum of Sculpture
Anti Poverty Network Cymru (APNC)
Apostolic Pastoral Association
ART (ASTON REINVESTMENT TRUST)
Asset Transfer Unit
Avenues Group
Bad Pony Media Group
Barrow Cadbury
Barrowmore
Bassac
Batley Resource Centre
BCT Regenesis
Beatbullying
Berkshire County Blind Society
Big Issue
InvestB-inspiredBlack Futures Group
Black Health Agency
Black Neighbourhood Renewal and Regeneration Network (BNRRN)
Blagdons Boatyard – Plymouth
Blantyre Credit Union
Brent Private Tenants’ Rights Group
British Society for Rheumatology
Brixton Advice Centre
Brunswick Organic Nursery and Craft Workshop
Bullbrook Community Association
Burngreave New Deal for Communities
Burnley Pendle & Rossendale
CVSC3 Creative Consultancy
CalibreCARE Rent Scheme
Carnegie UK Trust
Castlemilk Credit Union
Catalyst Stockton CCBSCCLACDFA
Centre for Economic and Social Inclusion
Centre for Innovation in Voluntary Action
Centre for Local Economic Strategies
Centre for Responsible Credit
Chapter 1
Chapter Street
Charitable Futures
Charities Advisory Trust
Charities Evaluation Services (CES)
Chartered Institute of Library and Information Professionals
Children England
Children North East
Children Today
Children’s Education Safety Foundation
Chorley and South Ribble CVS
Christian Council for Monetary Justice
Christian Council for Monetary Justice
Church Action on Poverty
Churches and Regional Commission Yorkshire and the Humber
CLES
Clinks
CLYCH
Communities and Organisations: Growth and Support (COGS)
Communities Inc
Community & Voluntary Partners
Community Foundation Network
Community Hub
Community Matters
Community North West
Community Sector Coalition
Community Transport
Community Transport (National Office)
Community Voluntary Partners, Bolsover
Counsel and Care
Creating Excellence
Creative Support
Crisis
CV Sector Forum
Cymryd Rhan
Cyrenians Derby
Diocese Derby Millennium Network
Derbyshire Learning & Development Consortium
Development Trusts Association
Development Trusts Association Scotland
Dimensions
Directory of Social Change
Distinctive Floristry
Dorothy House Hospice
Durham Rural Community Council
EAPN (European Anti-Poverty Network) England
Ecumenical Council for Corporate Responsibility (ECCR)
Elzabeth Finn Care
Emmaeus
Engage CVS
English Federation of Disability Sport
Equal Access Consultancy
Equanomics
Escape Artists
Euclid Network
European Strategy Group
Fair Finance
Fair Pensions
Faith Based Regeneration Network UK
Faith in Action
Financial Inclusion Centre
Flourish International
Forsters PR
Forum 21
Foundation
Four Acre Trust
Fredericks Foundation
FunderFinder
Gateshead Voluntary Organisations Council
Gensing and Central St Leonards Forum
Give A Brick
Gloucestershire Association for Voluntary and Community Action
Goblin Combe Environment Centre
Goole Development Trust
Goole Retail Chamber
Great Places
Groundwork
Grove House
Hackney Council for Voluntary Service, HCVS
Halifax Opportunities Trust
Hands On
Hands on Help for Communities
Harbour Place Day Centre
Hastings and St. Leonards Chess Club
Hastings Trust
HCT Group
Health for All
Heeley City Farm
Home-Start Hounslow
Housing Justice
Hull CVS
ImpACT
InterHealthInvesting for Good
Involve
IPPR North
IT4CH
JET
JHC
KCA
Kensington and Chelsea Social Council
Kent Enterprise Trust
Key House
Knowsley Domestic Violence Support Services
Knowsley Housing Trust
Lankelly Chase Trust
Learning Through Action Trust
Little Red Bus
Local People Lending
London Citizens
London Funders
London play
London Rebuilding Society
London Voluntary Service Council
Manchester Credit Union Limited
Marketplace Chaplains Europe
MCCHMental Health Providers Forum
MERCi – Ideas into action for a sustainable future
Merton Voluntary Service Council
Metropolitan Society for the Blind
Middlesbrough Community Network
Middlesbrough Partnership Financial inclusion Sub-Group
Middlesbrough Voluntary Development Agency
Mind
More Green
MyBnk
NACUW
National Coalition for Independent Action
National Council for Voluntary Youth Services
National Energy Action
National Housing Federation
Nautilus Welfare Fund
NAVCA
NAVO
Need Not Greed
New Directions Foundation
New Era Enterprises
New Horizons (Teesside)
New Prospects
New Start
Newent in Bloom
Newham Voluntary Sector Consortium
North Moor Trust
North West Network
North West Tenants & Residents Assembly
North Yorkshire Learning Consortium
Nottingham Community and Voluntary Service
Nottinhgam Community Network
Novas Scarman Group
NUS
One North West
One Voice Network
Open Sight
Our Future Planet
Over The Wall
Penwith Community Development Trust
Perennial
Pixeco Ltd.
Preston Community Network
Preston Community Network
Preston Road Community Association
Prime Initiative
Prophet Scotland
Quaker Social Action
Red Ochre
Refugee and Migrant Forum of East London
Regenerate Trust
RENAISI
Rhyl Youth Action Group
Rich Regeneration
RNIB
Rochdale Boroughwide Housing
Royal Society for Public Health
Rural Action Derbyshire
Save the Family
School for Social Entrepreneurs
School-Home Support
Seafarers UK
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See Ability
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Shared Future Community interest Company
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Shoreditch trust
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Social Enterprise Coalition
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Social Enterprise London
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Somerset Youth Volunteering Network
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South Craven Community Action
South Yorkshire Housing Association
Southey and Owlerton Area Regeneration
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St Helens Community Empowerment Network
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St John Ambulance in South and West Yorkshire
St Vincent de Paul Society
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Stone King Sewell Solicitors
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Surrey Association for Visual Impairment
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the connectives
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The Foyer Federation
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The Lantern Project
The Oastler Centre for Faith in Economic Life
The Young Foundation
Theatro Technis
Third Sector European Network
Third Sector European Network
Thurrock CVS (Council for Voluntary Service)
Time to Let
Titus Alexander, Novas Scarman Group
Tower Hamlets Co-operative Development Agency
Town and Country Housing
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Turn2Us
Tyne North Training
Uday Thakkar
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Unlimited Potential
Urban Forum
V2C
Voluntary Action Barnsley
Voluntary Action Elmbridge
Voluntary Action North East Lincolnshire
Voluntary Action Rotherham
Voluntary Action Sheffield
Voluntary Action Wakefield District
Voluntary Action Westminster
Volunteer Association Lewisham
Voscur
Walterton and Elgin Community Homes
Walworth Garden Farm
Warwickshire Association of Youth Clubs
WCAVA
Wearmouth Community Development Trust
Wessex Community Action
Wester Hailes Fiscal Factor (Financial Inclusion and Social Capital)
Wirral CVS
Wirral Holistic Care Services
Wirral Information Resource for Equality and Disability
Wolseley Trust
Women’s Resource Centre
Woodthorpe Development Trust
Workers’ Educational Association
YMCA Watford
Yorkshire & Humber Regional Forum
Yorkshire Wiildlife Trust
YOU
Your Nutshell
Z2K
Zero-credit
Zest