The government notes this recommendation. As I set out in my letter of 25 July, the government’s position is that the FCA’s existing objectives and regulatory principles are already well-aligned with the government’s objectives on financial inclusion. The government does not consider that a separate ‘have regards’ to financial inclusion for the FCA would lead to a different approach or tangible improvements over the current arrangements. Many financial inclusion issues are complex and require several organisations to work together to come to a solution. There are numerous examples where this has been done successfully through close collaboration between the government, regulators, industry and the third sector, including through the government’s Financial Inclusion Policy Forum which was launched in 2018.