MPs have warned that the government’s plan for tackling financial exclusion is “far from the finished product” and that industry voices may have held too much sway at the expense of consumer groups.

Members of the Treasury Committee say the Financial Inclusion Strategy is a welcome first step, but it is incomplete and lacks vital information on who is affected.

In a report today the committee says the Strategy fails to identify key points on who is excluded, where exclusion is concentrated, which services and products people are excluded from and why they are excluded.

The cross-party panel of MPs who scrutinise the Treasury’s work say that without this information, it is not possible for the government to know if it is making the right interventions or whether they are reaching those who need the most help.

They also express concern that industry voices may have carried greater influence in the production of the Strategy than consumer champions.

The MPs urge the government to demonstrate that it is listening to consumer and lived-experience voices.

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

It promised a review into the progress of the Strategy in 2027.

The Strategy followed FCA findings in 2024, that 900,000 adults were ‘unbanked’ with no current account, while 13.1 million, or 24% of all UK adults, had low financial resilience.

This was particularly concentrated among lone parents, the unemployed, those with household incomes below £15,000 a year and renters, the FCA found.

Today’s report from the Treasury Committee warns of an over-reliance on voluntary initiatives without proper milestones or checks on progress.

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

“This is especially important where firms are reluctant to serve consumers who may be higher cost, higher risk or less profitable.”

It goes on to say: “The government rightly included consumer and lived-experience voices in the development of the Strategy. However, the process did not sufficiently guard against industry voices carrying greater influence…

“…Consumer, civil society and lived-experience voices must have a clear and continuing role in shaping delivery.”

Treasury Committee chair Dame Meg Hillier “Governments often talk about wanting to raise living standards for those struggling.

“Tackling financial exclusion across all postcodes in the United Kingdom is a brilliant way to do that.

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

“Our report sets out why the strategy is far from the finished product.

“The Treasury must not think that publishing this document and holding the occasional meeting with stakeholders will suffice.

“There is more that must be done and I look forward to seeing how this progresses.”