UK banks and building societies have set out a range of new initiatives that will improve access to banking for those who face barriers to financial services, as well as their carers, legal delegates and supporters.

As part of HM Treasury’s Financial Inclusion Strategy, UK Finance and its members were asked to explore how financial products and services could be made more accessible and inclusive.

UK Finance received 12 submissions after asking for input from third-sector organisations, consumer groups and industry specialists, which has led to three priority areas of activity for banks and building societies.

These include improving third party access and support, delivering accessible communications and improving account access.

To improve third part access and support, work will focus on engaging individuals with lived experience of fluctuating capacity, exploring how consumers with limited and/or fluctuating capacity, providing industry support to create safer and more inclusive payment solutions for people who wish to live independently but need support managing their money and convening public and private stakeholders.

To help deliver accessible communications, UK Finance says work will involve developing an easy-read communications tool, producing clear, accessible information and exploring how customer journeys can be made more accessible, as well as providing closed captions on all new videos and developing an Inclusive Communications Code of Practice.

As part of the improvements, barriers will be removed to open a new basic bank account, work will start with banks and organisations to to identify other documents people could use to prove their identity and there will be a review of existing industry AML guidance.

In addition, UK Finance will explore the creation of a standard letter that suitably vetted charities and other support organisations could use.

Economic Secretary to the Treasury Lucy Rigby says: “Basic interaction with financial services, such as opening a bank account, ought to be as simple as possible.”

“Through our Financial Inclusion Strategy, we’re determined to tackle accessibility barriers and it’s brilliant to see that ambition being put into practice through this Inclusive Design Challenge, with banks & charities working together to identify barriers & industry now putting practical solutions in place to help people access services more easily and independently.”

UK Finance managing director of personal finance Eric Leenders adds: “Financial inclusion matters. Everybody should be free to use everyday banking services confidently.”

“That’s why UK Finance and its members are working closely with the government to deliver its Financial Inclusion Strategy and help people who lack standard identity documents, need information in a different format, or rely on someone they trust to manage their money.”