An update from Financial Inclusion for Scotland: Moving at Pace

In January, members of FIFS kicked off a series of information gathering sessions that will help to inform the development of this strategy. These sessions are designed to explore particular aspects of financial inclusion and understand the issues and challenges that a strategy might address.

The first session included participants from across Scotland’s credit union sector, recognising the important and established role that credit unions play at the heart of local communities. In further recognition of this role, ABCUL (the Association of British Credit Unions) will attend future meetings of FIFS, to provide a link for credit unions and their membership bodies into the work of FIFS.

The second information gathering meeting heard contributions from group members and other invited guests from the money and debt advice services including Money Advice Scotland, the Money and Pensions Service and Christians Against Poverty. There is no doubt that the teams of advisers working across these services provide an exceptionally valuable service but in a time of growing need and where, in many cases, suggested interventions will make very little difference for individuals and families experiencing poverty. Uncertainty around the funding for these services has a further impact on the health and well-being of colleagues in these services. A report is expected shortly which FIFS will share with our networks.

Founding members of Financial Inclusion for Scotland include Social Investment Scotland, Scottish Financial Enterprise, Fintech Scotland, the Money and Pensions Service, Scotcash, StepChange, Salary Finance, Fair4All Finance, Money Advice Scotland and The Poverty Alliance.