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Economic secretary speech calls for proportionate regulation to promote financial inclusion

Published on: 13 April 2023
Published by LNB News

LNB News 13/04/2023

Document Information

Issue Date: 13 April 2023

Published Date: 13 April 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The economic secretary to the Treasury, Andrew Griffith, has addressed the Lord Mayor’s Financial Literacy and Inclusion Summit to call for a prioritisation of growth, risk taking and wealth creation with financial services at the heart of such efforts. Griffith addresses the role of government in supporting financial inclusion, including ensuring that regulations are proportionate and avoid unintended consequences for financial inclusion. Griffith further calls for financial literacy action in order to, among other things, assist the country in overcoming a compensation culture and return to a greater role for ‘caveat emptor’. He also emphasises the role of government in fostering innovation to help assist the financially excluded through light touch regulation and a culture of supporting risk takers, noting the ‘great success story’ of the UK fintech sector.

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