Publication Date:  November 2016

The United Kingdom is at the forefront of the global finance industry and is a leader in the fields of financial services, technology and innovation. Despite this high standing, a sizeable number of UK citizens lack access to even the most basic financial services, while still more are forced to rely on high-cost and sub- optimal products which can prove damaging to their long-term financial health. The ‘poverty premium’, whereby the poor pay more, serves to exacerbate the effects of financial exclusion, reinforcing a vicious circle. In addition, bank branch closures are a depressingly regular feature in news headlines and, when combined with a growing emphasis on digital services, will intensify financial exclusion.

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