Terms of Reference
The following terms of reference are proposed for the Taskforce in 2008-11:
To monitor and influence progress towards the Government’s goal that people should be able to manage their money on a day-to-day basis, effectively, securely and confidently, the Taskforce will:
- deliver a final evaluation to HM Treasury and the banking industry on whether the shared goal of halving the number of adults in households without a bank account has been achieved;
- gather further evidence on usage of basic bank accounts and make recommendations to HM Treasury on next steps for banking in light of the emerging evidence;
- monitor developments in the way banking services are delivered and distributed, and report to HM Treasury on the opportunities and threats to financial inclusion; and
- work with Government and the Payments Council to ensure that the potential impacts – both positive and negative – of new payment services on financial inclusion are recognised and taken into consideration in the development of the National Payments Plan.
To monitor and influence progress towards the Government’s goal that people should be able to plan for the future and cope with financial pressure, the Taskforce will:
- monitor and influence progress towards the target to double current provision of affordable credit by third sector institutions through the Growth Fund and evaluate the outcomes;
- facilitate progress towards the target to extend affordable credit provision to 25 high priority under-served areas, and report annually to HM Treasury on the activities being undertaken by banks towards extending coverage more widely;
- advise on the design of the DWP’s financial inclusion “champions” initiative, and monitor and evaluate its impact and effectiveness in delivering the “now let’s talk money” campaign, and increasing engagement across the local government sector;
- advise on access to saving opportunities for those on low incomes, including the Saving Gateway and demand-side initiatives – OFT’s “Save Xmas” and the DWP’s “now let’s talk money” campaign; and
- monitor the impact of the demand side initiatives in increasing the supply of, and demand for, appropriate home contents cover for those living in social rented accommodation, and work with the insurance industry to ensure that appropriate low-cost home contents insurance products are available for people living on low incomes in privately-rented accommodation.
To monitor and influence progress towards the Government’s goal that people should be able to deal effectively with financial distress, the Taskforce will:
- monitor and influence the progress of the pilot delivery options to increase targeting and number of people helped by BERR’s face-to-face money advice initiative. Consider how this work fits with the Taskforce’s ongoing role in identification of good practice, and subsequent gaps, in the provision of free face-to-face money advice;
- monitor and influence the progress of the prison-based money advice outreach project; and
- monitor the progress of the illegal lending projects, and advise on developing linkages to other financial inclusion projects.
The Taskforce will also make recommendations to, and advise, HM Treasury on promoting financial inclusion in all areas relating to the Government’s strategy for financial inclusion.
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