At least 1 in 3 adults (and between11 and 20 million people1) mayhave difficulty accessing affordablecredit from mainstream lenders, a50% increase since 2016.2Around 3 million people are nowestimated to be borrowing from illegalmoneylenders / loan sharks.3A quarter of UK adults have lessthan £100 in savings. 1 in 6have no money put away.4Between 7 and 9million people are atrisk of exclusion fromaffordable financialservices because offlaws in credit scoring.5“We have also found aspects of themarket that are not working well…marketfailures and inherent difficulties in matchingnew credit information can lead to pooroutcomes…”“The Credit Information Market inits current form harms access toaffordable credit, contributes to thepoverty premium and results in poorconsumer outcomes.”Financial Conduct Authority (FCA),Credit Information Market Study Interim Report andDiscussion Paper.Theodora Hadjimichael,Chief Executive, Responsible Finance.1425Responsible Finance, 2023PwC and Totally Money, 20213Research by IPSOS for Fair4All Finance, June 20232The gap in provision ofappropriate, fair and affordablecredit to people in financiallyvulnerable circumstances ispredicted to rise to at least£3bn by 2025.6Money and Pensions Service, November 2022Lexis Nexis data quoted in the Financial Times, 20226Fair4All Finance, 2023Credit Where It’s Due
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