The UK finance system has a superpower: Community Development Finance Institutions (CDFIs). These locally-rooted social enterprises get finance to people, businesses and social enterprises who can’t get the finance they need from banks. Here champions of… Continue reading
News
10xRF showcases CDFIs’ superpowers
The financial system has a secret superpower. Community Development Finance Institutions (CDFIs) create jobs, nurture businesses and social enterprises, and invest in people and communities. We’re championing their impact and examining how to magnify it over… Continue reading
The Observer newspaper: CDFIs’ work more vital than ever
A full page feature in today’s Observer newspaper demonstrates the impact of personal-lending CDFIs. With 14.2 million people now financially vulnerable, it says our work is more vital than ever. The article includes a profile of… Continue reading
Ethical lenders and the cost of credit
It is well documented that being poor costs more. When people who are less well off or have fluctuating incomes need credit for sudden expenses, many lenders see an opportunity to make a lot of money.… Continue reading
Responsible Finance welcomes the FCA’s timely vulnerability guidance
“The FCA’s bold new guidance on vulnerability and its particular emphasis on inclusive design are welcome developments that will improve outcomes for all financial services customers, not just those who are more susceptible to harm. In… Continue reading
MPs urge Government to boost recovery by backing community development finance
23 February 2021: MPs including Sir Iain Duncan Smith, the former leader of the Conservative party, have backed calls to the Chancellor to inject £25m into the community development finance sector to boost the UK’s recovery… Continue reading
Responsible Finance reacts to the FCA’s Financial Lives 2020 Survey
The FCA’s new Financial Lives survey exposes the fragile state of our finances, both prior to the pandemic and now. In February last year, 20% of UK adults had low financial resilience – meaning they were… Continue reading
Responsible Finance welcomes the Woolard Review programme for reform
We welcome publication of the Woolard Review and its programme for reform. Its emphasis on boosting alternatives to high-cost credit, and its holistic approach to issues including the treatment of the very poorest when they need… Continue reading
Financial Times: CDFIs are alternative to potentially harmful buy-now pay-later credit
Today’s Financial Times covers the Woolard review of the unsecured credit market. Our analysis of the review is here. The newspaper highlights the review’s recommendation to boost community development finance institutions (CDFIs). You can read the… Continue reading
The Mirror newspaper: Purple Shoots’ client, Scentsational Cottage
Today’s Mirror features a lovely interview with Ruth Hancock who describes turning her life around with support from our member Purple Shoots. In May 2020, Ruth (42) was nearly £12,000 in debt. She’d been a working… Continue reading