Terms of Reference

The Financial Inclusion Taskforce will monitor progress towards tackling financial exclusion. In particular it will:

• report to HM Treasury and the banking industry on progress towards the shared goal of halving the number of adults in households without a bank account, and of having made significant progress in that direction within two years;

• monitor provision of banking services to the financially excluded, including access, and report to the banks and HM Treasury
  on findings;

• consider ways in which the capacity and skills of volunteers and staff within third sector lenders can be enhanced;

• monitor the increase in provision of affordable credit by third sector institutions. This information could then be used by HM Treasury and others to inform the distribution of financial support to third sector lenders and evaluate outcomes;

• monitor the scheme whereby, under certain circumstances, loan repayments could be made by deduction from benefits and make recommendations to HM Treasury and the DWP following the outcome of the evaluation of the scheme;

• identify areas of best practice, and gaps, in the provision of free face-to-face money advice. This information could then be used by HM Treasury and the DTI to inform the distribution of financial support for face-to-face money advice and evaluate outcomes;

• monitor the progress of the debt outreach pilots, and consider the outcomes of the evaluation of the scheme;

• make recommendations to HM Treasury on tackling financial exclusion in areas not covered by PBR proposals.