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StepChange Debt Charity response to Financial Inclusion Commission report

11th March 2015

In response to today’s (March 11) Financial Inclusion Commission report, Mike O’Connor, chief executive of StepChange Debt Charity, said:

“We welcome today’s report which addresses the problems faced by those who are not able to access basic financial services like bank accounts, affordable credit and savings products. The Commission is right to focus on helping those whose vulnerability to problem debts is exacerbated by a lack of financial inclusion. There is a pressing need to provide better protections for people who fall into debt, and better incentives and mechanisms to help people save and build up financial resilience.

Breathing Space

“People who have suffered life shocks such as redundancy, illness or separation need time to get back on their feet. We welcome the Commission’s support for our recommendation to adapt Scotland’s Debt Arrangement Scheme for the rest of the UK, with additional time for people to recover before starting to repay their debts at a reasonable rate. An extended breathing space guarantee of this kind would give people the extra time they need to regain control of their finances without the added stress and worry of additional interest, charges and enforcement action.


“Many families are unable to build up financial resilience, battling against increasingly squeezed household budgets and struggling with unsuitable savings methods. We are pleased to see the Commission supporting our suggested approach of an auto-enrollment workplace savings scheme, which would help households to save for a rainy day no matter what their financial position.”

StepChange Debt Charity news contacts

Contact the the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016