Our members are leading the way in supporting consumers through the cost-of-living crisis. For example, Yorkshire Building Society (YBS) has established a partnership with the Citizen Advice Bureau (CAB) in which CAB advisers are now present for one or two days per week in 15 per cent of YBS’s overall branch network, providing free, face-to-face independent advice to customers and members of the public on financial well-being, in accessible high street locations. Other firms are similarly exploring innovative means of delivering digital and face-to-face support for customers and businesses facing cost-of-living pressures.
The new Prime Minister should:
- Champion and promote examples like this so that those in most need know there is support available.
- Foster a regulatory culture that prioritises the financial health and resilience of UK households alongside individual investor protections, and work to improve the confidence of the population’s relationship with financial services through financial education and inclusion. This could begin with the delivery of a UK Open Finance architecture and refreshing consumer engagement policy to drive engagement in the digital age.