Government Finance Function’s Post

SJP may seek to recover funds from advisers where ongoing advice has not been provided, says CEO Mark FitzPatrick In today's annual results, St. James’s Place revealed a £426m provision to handle cases where there is no evidence of ongoing advice being provided to clients. Around 20,000 clients were impacted in 2023 alone, and will receive compensation. #sjp #stjamessplace #ceo #advice #financialadvice #refund #annualresults https://lnkd.in/eyZGwd2m

NEW: Guidance for VCSE organisations on navigating local government financial difficulty 📢 Financial difficulties within many local authorities, sometimes leading to the issuing of a section 114 notice (s114), is affecting communities across England. We know that this also affects many NAVCA members, who often receive funding from and work in partnership with local government. Working with Lloyds Bank Foundation for England and Wales, we commissioned cross-sector consultation and engagement to understand how section 114 notices work in practice, and the changes to the local operating environment that they bring. Organisations from the local government sector and a range of voluntary, sector organisations, including local infrastructure organisations (LIOs), were interviewed. We have created guidance for local and smaller VCSE organisations operating in areas where the council is experiencing financial difficulties, has issued a section 114, or may be likely to in the future. Read the full guidance, and our accompanying policy report, on the NAVCA website now: https://lnkd.in/eS4di8nG

Financial exclusion affects millions of people across the UK. It’s a key barrier to opportunity, wellbeing and prosperity and growth. So I'm Looking forward to a fantastic day tomorrow at our Building Financial Inclusion Together conference. I'll be joining the morning panel to share some insights on how our segmentation model has helped shape our No Interest Loan Scheme and Consolidation lending pilots. And in the afternoon I'll be chairing what promises to be a great discussion on the issues and opportunities to increase access to affordable credit with the excellent: Rachelle Earwaker Niall Alexander James Berry and Richard King. Financial exclusion is a problem that no single organisation can solve on its own, so it’s great to see people across the industry coming together to boost inclusion. We've learned this in practice collaborating with wonderful partners to name just a few: Sian Williams Martin Coppack Maria Booker Sheenagh Young Joanne Angus Marlene Shiels, OBE, FCBI (Hon) Simon Dukes Tim Rooney Cinzia Basile Hueffer Robert Pasco Leeds Credit Union Toynbee Hall Matt Dronfield Neil Scott Ben O'Brien Katie Stones Nida Broughton Estu JPMorganChase Stephanie Mestrallet HM Treasury as well as the Devolved Administrations. The whole sector has a part to play making sure everyone can access the financial products and services they need to manage their money, build their resilience and lead richer lives. #ficonf24 Fair4All Finance

Where does your financial institution pay profits to?

Well said Dino The products are a commodity, but getting the right loan for the right circumstance, within the right structure … and following up to ensure the client continues to receive support and guidance…is what a good broker does

UK Savings Week is back, and is bigger than ever. But why are building societies and credit unions the driving force behind UK Savings Week? In this blog I go through the reasons: history, business model, relationships and community purpose - which all come back to the fact that they are owned by their customers. #uksavingsweek #buildingsocieties #creditunions #mutualsinaction

To recoup a meagre $1.5 million a year, the Ontario government is cutting funding for 8 incredibly committed community financial empowerment organizations that provided free, expert, tax filing, benefit navigation, and financial help to over 28,000 low-income Ontarians in 2023 and connected them to $110 million in income benefits they were eligible for, but not getting – 70% from the federal government. Without provincial funding, these services will disappear on March 31st and over 150 other service providers across Ontario that currently depend on these services – including Ontario government ODSP offices and municipally run Ontario Works programs – will have nowhere to refer vulnerable clients with financial help needs. If you believe that every Ontarian should have access to trustworthy and affordable financial help, please contact Minister Parsa at MinisterMCCSS@ontario.ca  and ask him to reinstate funding for these critically needed services before it's too late.

As per The City UK, the UK’s financial services sector is a cornerstone of its economy, employing nearly 1.1 million people across diverse areas such as banking, insurance, fund management, and other financial services. This workforce demonstrates the breadth and complexity of the financial services industry, with each segment playing a vital role in maintaining the UK’s position as a global financial hub. #UKFinancialServices #AccountingForFinance #UYAccountants #EconomicGrowth #FinancialPlanning

We get asked this one a lot! ✅Credit unions are not-for-profit financial institutions, owned and controlled by our members. 👨👩👫🏾👨👩👧👦🧘🏾♀️They exist to provide the best possible services to its members. not to maximise the profits it makes. 💸Any profits made are returned to members or go towards enhancing or developing the credit unions services. #CreditUnion #Q&A #MythBusting

Happy America Saves Week! Making savings a priority can be stressful! It is important to save for major life events without sacrificing your other financial needs. An IRA from Credit Union West can help you put money aside for the milestone events in your future. Learn more at https://lnkd.in/ghFeEriS. #CUWest #CUWestMembers #ASW2024