Members of Parliament are warning the industry that it could have a major impact on the Treasury’s Housing Strategy

Members of Parliament have warned that the government’s plan to tackle financial inclusion is “far from a finished product” and that industry voices are likely to gain more power at the expense of consumer groups.

Treasury Committee members say the Financial Inclusion Strategy is a welcome first step, but it is incomplete and lacks important information about who is affected.

In today’s report, the committee says that the Strategy fails to identify the important points of who is excluded, where the exclusion is focused, which services and products people are excluded from and why they are excluded.

A group of members of the parliament that examines the work of the treasury says that without this information, it is not known whether the government intervenes or reaches out to those who need help the most.

They also express concern that industry voices may have more influence on the production of the Strategy than consumer champions.

Members of Parliament urged the government to show that it listens to the consumer’s voice and lived experience.

In November 2025, the government published its Financial Inclusion Strategy which aims to help people participate in the economy, manage their money and plan for the future.

It has promised to review the progress of the Strategy in 2027.

The strategy followed the FCA’s findings that by 2024, 900,000 adults were ‘unbanked’ without a current account, while 13.1 million, or 24% of all UK adults, had low financial strength.

This was particularly concentrated among single parents, the unemployed, those with a household income of less than £15,000 a year and employers, the FCA found.

Today’s report from the Treasury Committee warns against over-reliance on voluntary measures without substantive measures or progress checks.

It says: “Voluntary action and pilots can help identify solutions, but they cannot be the main driver of a national investment strategy unless there are clear measurement routes and clear consequences if voluntary action fails.

“This is especially important when firms are reluctant to offer potential high-cost, high-risk or low-profit buyers.”

It goes on to say: “The Government duly incorporated consumer voices and experience in the development of this Strategy.” However, the program did not adequately protect the industry’s most influential voices…

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Chair of the Treasury Committee Dame Meg Hillier “Governments often talk about wanting to raise living standards for those who are struggling.

“Tackling cashlessness across all postcodes in the United Kingdom is a great way to do that.

“The publication of the Financial Inclusion Strategy is a welcome first step, but that is all.

“Our report shows why the strategy is far from a finished product.

“The Department of Treasury must not think that publishing this document and having meetings from time to time with stakeholders will be enough.

“There’s still a lot to do and I’m looking forward to seeing how this goes.”