The Cost of Living Crisis:
How it's affecting millions, a conversation with Fair4All Finance

The Cost of Living Crisis:
How it's affecting millions, a conversation with Fair4All Finance

Financial exclusion is a growing concern in the UK. Fair4All Finance CEO Sacha Romanovitch discusses the challenges and solutions for achieving financial inclusion. Learn how alternative data and collaboration can create a fairer financial system for all.

Fair4All Finance

Throughout the Credit In Focus video series, we speak to a range of industry leaders about the impact they’re seeing on the ground, within their sectors, as a result of the cost of living crisis and the role that credit has to play; while also discussing the opportunities better cross-sector partnerships can bring, to help address the challenges being faced.

In this first episode, Rich Evans, Director of New Propositions at LexisNexis® Risk Solutions, is joined by Sacha Romanovitch, CEO of Fair4All Finance, an organisation founded in 2019 to support the financial well-being of people in vulnerable circumstances. Funded by dormant assets, their mission is to increase access to fair, affordable and appropriate financial products and services, supporting financial inclusion.

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Fair4All Finance: Championing Financial Inclusion

Fair4All Finance is a not-for-profit organisation on a mission to transform financial services for the better. They work tirelessly to ensure that everyone in the UK, regardless of circumstances, has access to fair, affordable, and appropriate financial products and services.

In our conversation with Sacha Romanovitch, we delve into the challenges of financial inclusion in the UK and explore potential solutions. Here are some key takeaways:

uk money lending

The Peril of predatory lending:

The tightening of credit regulations has inadvertently created space for illegal money lenders with predatory practices. These lenders exploit vulnerable people's desperation, trapping them in a cycle of debt with exorbitant interest rates and fees.
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Beyond the credit score:

Traditional credit scoring systems often fail to capture the full financial picture of vulnerable borrowers. These systems rely heavily on credit history, which can be limited or non-existent for people who have never accessed mainstream financial services.

Fair4All Finance advocates for a more holistic approach that considers alternative credit data sources like open banking. Open banking allows lenders to access a borrower's transaction data with their consent, providing a more complete view of their financial health and responsible financial management.


Collaboration is key:

Achieving financial inclusion requires a collaborative effort from various stakeholders. Fair4All Finance works closely with regulators, the government, and financial institutions to develop and promote inclusive financial practices. Pilot programs with alternative lending models and credit risk guarantees can pave the way for wider adoption of these practices.
LexisNexis RiskView UK Mantle

Evaluating trust is about more than just credit history

LexisNexis® RiskView™ UK goes beyond traditional credit reference histories with alternative (non-tradeline) sources of data, to provide greater insight into the creditworthiness of an individual.
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See how we can help you achieve a deeper, richer and more accurate view of customers to inform credit risk assessments and support financial inclusion.

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