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It is hardly controversial to say that banks do not always serve the best interests of everyone, particularly those on low incomes. In fact, even some of those working in the financial services industry would agree that there are unmet needs which an effective industry should be addressing. The Financial Conduct Authority (FCA), the body that regulates the financial services industry, highlighted this recently in an occasional paper, confirming that access to mainstream banking is still a major problem looking for a solution.
The paper cites research from the Centre for Household Assets and Savings Management (CHASM) at the University of Birmingham which states that around 1.87m people have absolutely no access to a bank account. Proportionally, younger people are more likely to be affected: 8 per cent of 18-19 year olds have no access to a bank account, and nor do 4 per cent of 20-24 year olds, or 3 per cent of those aged 25-29.
