What is the role for competition and education in tackling financial exclusion?
The House of Lords Committee on Financial Exclusion will next week take evidence from the Competition and Markets Authority and the Open University as it continues its inquiry.
Part of the role of the Competition and Markets Authority (CMA) is to promote competition between financial service providers to drive down costs and make banking and other financial services more affordable. The Committee will ask the CMA how the forthcoming Open Banking Standard, work to encourage customers to switch current accounts, and basic bank accounts will support inclusion in the financial service market. It will also question the CMA on the limits of market-led initiatives to address financial exclusion.
The Open University's True Potential Centre for the Public Understanding of Finance (PUFin) seeks to improve personal financial capability in the UK through free online education and high quality academic research. The Committee will ask the witnesses from the Open University about how to build lifelong financial education that meets people's needs, how that education should be provided, and by whom – the State, the market, or other actors.
The Committee's evidence session with the organisations will start at 10:40am on Tuesday 29 November in Committee Room 2A of the House of Lords. Giving evidence to the Committee will be:
- Mr Adam Land, Senior Director, Remedies, Business and Financial Analysis, Competition and Markets Authority
- Professor Alasdair Smith, Chair, Retail Banking Market Investigation, Competition and Markets Authority
- Mr Bill Roberts, Remedies Director, Lead for the Open API remedy, Competition and Markets Authority
- Ms Jonquil Lowe, Senior Lecturer in Economics and Personal Finance and Member, True Potential Centre for the Public Understanding of Finance (PUFin), Open University
- Mr Martin Upton, Senior Lecturer in Finance and Director of the Centre for the Public Understanding of Finance (PUFin), Open University