Financial Inclusion for Scotland: Progress on our Strategy

"Financial Inclusion is about more than just access to financial services; it’s about ensuring that every person in Scotland can participate fully in society without fear of financial hardship or exclusion.

"Our collaborative network includes Scotland’s financial services industry, social enterprises, credit unions, community lenders, ethical finance providers, national charities, advocacy groups, and fintech innovators. Supported by the Scottish Government, the Financial Conduct Authority, and the Money and Pension Service, our diverse membership reflects a powerful alliance of stakeholders who recognise that financial inclusion cannot be achieved in isolation.

"To achieve this vision, Financial Inclusion for Scotland is working hard to meet its own strategy recommendations aimed at creating a positive shift.

"Building on our momentum, FIFS has actively contributed to high-profile consultations, including the Financial Conduct Authority (FCA) Strategy 2025-2030 and the Financial Inclusion Commission’s UK Strategy. These engagements have allowed us to emphasise regional needs and advocate for tailored, Scotland-specific actions to address unique financial challenges.

"Our influence within political circles is also growing. Key developments include a comprehensive briefing for MSPs, securing the parliamentary reception detailed above, and gaining support from the Cabinet Secretary for Education for a pathfinder project focused on financial education in schools. Additionally, a meeting with the First Minister was attended in January 2025.

"Our collaborative approach continues to strengthen through productive discussions with FCA officials, including the Head of Authorisations, and engagement with HM Treasury and the Prudential Regulation Authority. These efforts aim to address barriers to inclusion and identify opportunities for systemic change.

"FIFS is spearheading several innovative initiatives to drive financial inclusion. These include the Scotland-specific Financial Inclusion Dashboard, which leverages regional data to understand financial exclusion and direct interventions more effectively, and the School Banking Pilot Project, which enhances banking inclusion and improves access to bank accounts for young people.

"Participation in the FCA Financial Inclusion Techsprint has facilitated valuable connections between tech providers, banks, and community finance organisations, further supporting our policy goals around banking inclusion."