“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
News
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
Governments recognising vital role of CDFIs
This week the US Congress approved $12 billion in funding for Community Development Financial Institutions (CDFIs) and Minority Designated Institutions (MDIs) as part of a $900 billion COVID-19 emergency stimulus funding package. The funding will expand… Continue reading
Financial Times letter: Remember small business in the bank payout debate
Today’s Financial Times features this letter (registration required) from Responsible Finance board member, Peter Udale. Udale cites surveys suggesting half a million SMEs may not survive the year ahead. To survive and grow businesses depend on… Continue reading
Three steps for a locally-powered recovery
Last week’s news of 25,000 jobs at risk after Debenhams and Arcadia Group fell into administration caused a collective gasp. Along with heartbreak over the loss of these jobs, many fear for the future existence of… Continue reading
Dozens of banks, investors and institutions commit to financing a just transition for the UK
Banks, investors and financial institutions today joined forces with universities and trade unions to launch the UK’s first alliance to finance a just transition. Coordinated by the Grantham Research Institute on Climate Chance and Environment at… Continue reading