Creating an Ecosystem for the Financially Excluded

It is well documented and broadly accepted that consumers across the UK have faced, and still do face significant challenges with financial management. Statistics regularly quote more that 8 million consumers are in debt. This number more than doubles when consideration is given to those consumers who have limited or for some, zero savings available to them. Successive governments have committed to the remediation of this scenario with a desire to not only re-habilitate those in difficulty but to re-introduce the habit of saving and long-term financial planning.


The stated position of the recently formed Money and Pensions Service is to help people move towards financial stability and to encourage consumers to both contribute to a pension scheme and also to increase their overall savings position.

The demands that are being made on the free money advice sector are significant and all forecasts indicate that these demands are set to increase. Funding for the sector is currently over-stretched and, with more and more demands on the service, the need to use new and emerging technology is greater than ever.

Digital applications, particularly those that can deliver a wholly holistic financial analysis, will be critical in supporting the sector and allowing it to fulfil its on-going functionality.


This concept paper sets out how the use of open banking environments and digital applications can support the free money advice sector and defines the key role that should be undertaken by a CENTRAL COORDINATOR in the delivery of this solution.

In particular, it sets out how a CENTRAL COORDINATOR could become central to the delivery of both remediation and resolution of what is a serious social obligation.

Read the full paper on Creating an Ecosystem for the Financially Excluded by clicking the link below.

Creating an ecosystem March 2020 final
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