Financial Inclusion Strategy · first published 5 November 2025
This is the UK government's first comprehensive Financial Inclusion Strategy, developed with a Financial Inclusion Committee of consumer and industry representatives. It sets out actions across six areas: banking access, savings, insurance, affordable credit, debt support, and financial education. The strategy is primarily directed at large financial services firms, regulators (FCA, PSR), delivery bodies (Fair4All Finance, Money and Pensions Service), and employers — not at procurement suppliers. However, small businesses that employ staff, operate in financial services, or serve underserved communities will find relevant signals here. Notably, the strategy commits £30 million to credit union transformation, launches a National Coalition of Employers on payroll savings, mandates 350 banking hubs, and makes financial education compulsory in primary schools in England. While this is not a procurement policy note and creates no direct bidding obligations, it signals funded programmes, pilots, and working groups where SMEs in relevant sectors may find contract or grant opportunities.
WHO THIS APPLIES TO
THE ENKII VIEW
For SMEs, the most actionable signals are the funded pilots and working groups: Fair4All Finance has £132.5 million committed for financial inclusion work in England, a £30 million credit union transformation fund is launching, and a contents insurance pilot for social renters opens for expressions of interest in Q1 2026 — all of which could generate sub-contracting or prime contract opportunities for specialist SMEs. SMEs that are employers are also directly nudged by the National Coalition of Employers to adopt payroll savings schemes, backed by a new FCA regulatory statement that removes the perceived compliance barriers to doing so. The strategy does not change procurement evaluation criteria, so its primary value to most SMEs is as an early-warning radar for upcoming funded programmes rather than a change to how bids are scored.
1. Monitor Fair4All Finance's pipeline for funded pilots and expressions of interest — the contents insurance pilot for social renters opens for participating firms in Q1 2026, and the small sum lending pilot is also in development. Register your interest with Fair4All Finance now so you are ready to respond.
SMEs in fintech, community finance, debt advice, or insurance sectors — The document states Fair4All Finance has £132.5 million committed and will launch the contents insurance pilot expression of interest in Q1 2026, with findings targeted by end of 2027.
2. Investigate the new £30 million credit union transformation fund for England — if you work with or alongside credit unions, position your firm to deliver transformation support services (technology, training, compliance) as this fund is mobilised.
SMEs in community finance, credit unions, or financial capability delivery — The document commits to launching 'a new £30 million fund to support credit union transformation in England, alongside common bond reforms to enable credit unions to grow in Great Britain.'
3. Use the FCA's new regulatory statement to confidently introduce a payroll savings scheme for your employees — the statement specifically removes the perceived compliance barriers around regulatory boundaries, financial promotions, and national minimum wage rules that previously deterred employers.
SMEs that are employers (any sector, any size) — The document states the FCA published 'a landmark regulatory statement to give employers and savings providers the clarity and confidence they need to offer workplace savings,' and highlights an autosave model achieving 48–69% participation rates.
4. Sign up to or engage with the National Coalition of Employers being launched by MaPS, TISA, and Nest Insight — this raises your profile as a responsible employer and connects you with best-practice guidance on implementing payroll savings at low cost.
SMEs that are employers (any sector, any size) — The document states MaPS, TISA, and Nest Insight 'will bring together a national coalition of employers to further encourage the take-up of payroll savings,' framing employer participation as a key delivery mechanism.
5. Prepare for procurement opportunities arising from the new statutory requirement for compulsory financial education in primary schools in England — begin building relevant curriculum credentials, case studies, and partnerships with schools now.
SMEs in financial education, training, or EdTech sectors — The document commits to making 'financial education compulsory in primary schools in England, as part of a new statutory requirement to teach citizenship,' which will drive demand for curriculum materials, training, and delivery support.
6. Track the Inclusive Design Working Group launching in early 2026 — if your product or service addresses accessibility for disabled, vulnerable, or underserved consumers, seek to engage with UK Finance or the ABI to contribute to or influence the group's standards before they are set.
SMEs in financial services, insurtech, or third-sector advice — The document states the group 'will meet quarterly, beginning in early 2026,' will consider 'whether industry-led guidance or standards are needed,' and explicitly invites input from third sector and consumer groups.
7. Engage with the Identity and Verification Working Group being convened by UK Finance by end of 2025 — if you support excluded groups (e.g. homeless people, domestic abuse survivors) or work in digital identity, this pilot offers a route to shape and potentially deliver the cross-sector solution.
SMEs in third sector, homelessness services, or identity verification technology — The document states 'an Identity and Verification Working Group will be convened, supported by UK Finance' to pilot bank account access for people without standard ID, explicitly referencing third sector partnerships as a delivery model.
Every rule below quotes the official document verbatim.
The government has committed £132.5 million to Fair4All Finance for work that improves access to financial products and develops individuals' ability to manage their finances in England. (Fair4All Finance-delivered programmes in England; active now)
“the government has committed a further £132.5 million to Fair4All Finance for work that improves access to financial products and develops individuals' ability to manage their finances in England”
A new £30 million fund will be launched to support credit union transformation in England, alongside common bond reforms to enable credit unions to grow in Great Britain. (Credit unions and community finance organisations in England (and common bond reforms in Great Britain))
“Launch a new £30 million fund to support credit union transformation in England, alongside common bond reforms to enable credit unions to grow in Great Britain”
The government has agreed a commitment with the sector to open 350 banking hubs by the end of this parliament; over 240 have been announced and more than 180 are already operational. (Banking sector and Post Office; UK-wide)
“one of the first steps this government took was to agree a commitment with the sector to open 350 banking hubs by the end of this parliament. Over 240 hubs have been announced so far and more than 180 are already operational”
An industry-led Inclusive Design Working Group will be established, meeting quarterly from early 2026, supported by UK Finance, and will report to HM Treasury every six months. (Financial services firms, ABI members, third sector; UK-wide; from early 2026)
“The group will be supported by UK Finance. It will bring together representatives from UK Finance members, the Association of British Insurers (ABI), and the third sector. It will meet quarterly, beginning in early 2026, and will report on progress to HM Treasury every six months.”
An Identity and Verification Working Group will be convened by the end of 2025, supported by UK Finance, to oversee a pilot enabling people without standard ID to open bank accounts; it will report to HM Treasury every six months. (Largest banks and third sector organisations; UK-wide; by end of 2025)
“By the end of the year, an Identity and Verification Working Group will be convened, supported by UK Finance, to oversee the design and implementation of the pilot and explore enhancements... The Identity and Verification Working Group will report on progress to HM Treasury every six months.”
Fair4All Finance will launch a contents insurance pilot for social renters in England, with an expression of interest for participating firms in Q1 2026, aiming to share findings by end of 2027. (Insurance firms and social housing sector in England; Q1 2026 expression of interest)
“Fair4All Finance will launch this work with an expression of interest for participating firms in Q1 2026, with the aim of sharing lessons and findings for the wider insurance and social rented sectors by the end of 2027.”
The FCA has published a regulatory statement to give employers and savings providers clarity and confidence to offer workplace payroll savings schemes. (All employers and savings providers across the UK)
“the FCA has published a landmark regulatory statement to give employers and savings providers the clarity and confidence they need to offer workplace savings as a valuable benefit to their employees”
A National Coalition of Employers is being launched by MaPS, TISA, and Nest Insight to encourage take-up of payroll savings schemes among employers. (All employers across the UK)
“MaPS, The Investing and Saving Alliance (TISA), and Nest Insight will bring together a national coalition of employers to further encourage the take-up of payroll savings”
From April 2025, eligibility for the Help to Save scheme was extended to all Universal Credit claimants who earn £1 or more, meaning around 3 million people can now benefit. (Universal Credit claimants earning £1 or more; UK-wide; in force from April 2025)
“in April 2025, eligibility for the scheme was extended to all Universal Credit claimants who earn £1 or more, meaning around 3 million people will be able to benefit from the scheme”
Financial education will be made compulsory in primary schools in England as part of a new statutory requirement to teach citizenship. (Primary schools in England)
“Make financial education compulsory in primary schools in England, as part of a new statutory requirement to teach citizenship, ensuring that children are supported to develop healthy attitudes to money at an early age”
In 2024, 10% of adults had no savings at all, and a further 20% had less than £1,000; 9% of adults could not cover a week's living expenses if they lost their main income. (UK adults; 2024 data)
“In 2024, 10% of adults had no savings at all, and a further 20% had less than £1,000... 9% of adults unable to cover a week's worth of living expenses if they lost their main source of household income”
According to the FCA Financial Lives Survey, 0.9 million people remained 'unbanked' in 2024, with 66% of this group unbanked by choice. (UK-wide; 2024 data)
“According to the latest FCA Financial Lives Survey, 0.9 million people remained 'unbanked' in 2024. The majority of this group (66%) are unbanked by choice”
A small sum lending pilot will be supported by Fair4All Finance to help expand access to affordable credit in England, funded by dormant assets. (Banks, mainstream lenders, and community finance providers in England)
“Support a small sum lending pilot led by Fair4All Finance to help expand access to affordable credit in England”
The FCA's motor insurance premium finance market study interim report found some parts of the industry — particularly where higher APRs are charged — may not be providing fair value; a final report is due at end of 2025. (Premium finance providers and insurers; UK-wide; final report end of 2025)
“The FCA is carrying out further analysis into the market and will issue its final report at the end of 2025”
UK Finance will launch a Code of Practice for Accessible Cards in the coming weeks, setting guidelines for accessibility features on card products for participating firms. (Card-issuing firms participating in the Code; UK-wide)
“UK Finance will launch a Code of Practice for Accessible Cards, providing a set of guidelines for accessibility features on card products for participating firms”
This briefing is enkii's interpretation of the official document — the official text always governs.
Source document © Crown copyright, reused under the Open Government Licence v3.0 via the GOV.UK Content API. enkii tracks every Procurement Policy Note and briefs changes the day they land — see all briefings.