HELP CHANGE THE WAY BANKS DO BUSINESS

Today we have a once in a lifetime opportunity to help buid a financial system that works for us all, an economy which puts people before profit.

Given the unprecedented support that our financial institutions have received in the last year, it is vital that they recognise their responsibility to us all – whose taxes, jobs and livelihoods have been put at risk by their failure. All of us should have equal access to routine financial services and credit within their means. Banks should no longer merely be able to cherry pick the most profitable customers, but ensure that their operations serve every part of the community equally.

This is why the Co-operative Party is today launching its campaign for a Financial Inclusion Bill. Based on the successful Community Reinvestment Act in the USA, it would ensure that all financial institutions must engage with, design services for, and invest in people from all geographical areas and income levels.

Parliament held a ballot this morning to select which MPs will be permitted to introduce a piece of legislation which has a chance of becoming law. Because of the upcoming election, only the top five have a realistic chance of changing the law. It is therefore crucial that we can persuade one of them to adopt the Financial Inclusion Bill.

Back in September, our Policy Officer Robbie Erbmann set out for LabourList the reasons for the Financial Inclusion Bill. Read his article here.

The five MPs, including email addresses, who came top of the ballot are:

• Brian Iddon (Labour, Bolton South East): iddonb@parliament.uk
• David Chaytor (Labour, Bury North): chaytord@parliament.uk
• Andrew Gwynne (Labour, Denton and Reddish): gwynnea@parliament.uk
• Albert Owen (Labour, Ynys Môn): owena@parliament.uk
• Julie Morgan (Labour, Cardiff North): morganj@parliament.uk

Please can you take a few minutes of your time today to email at least one of these MPs (preferably all five) and ask them to please adopt the Financial Inclusion Bill. I have included a sample letter for you to personalise and adapt below:

This is our last good chance to create a new law to rebalance our financial system before the general election. It is therefore CRUCIAL that we get as many people as possible to write to MPs today. It will make a real difference.

Kind Regards,

Michael Stephenson
General Secretary

DRAFT LETTER TO THE FIVE MPS

Dear NAME OF MP,

Congratulations on your success in the 2009-2010 Private Members Bills’ ballot. I am writing to ask you to please adopt the Financial Inclusion Bill.

Given the unprecedented support that our financial institutions have received in the last year, it is vital that they recognise the obligation of their responsibility to society – whose taxes, jobs and livelihoods have been put at risk by their failure. The purpose of a Financial Inclusion Bill is to create a new settlement between providers of financial services and the people of the UK and ensure that all people should have equal access to routine financial services and credit within their means.

I am not one of your constituents but understand what a rare opportunity you have been granted via the ballot. I think there is a considerable lack of confidence in our current banking system and believe that this Bill, if successful, could help to ensure that we have a financial system that works in all of our interests.

The idea has the backing of the Co-operative Party and a number of campaigning organisations, which will give it considerable weight when being debated in Parliament and I believe it is realistic to believe that it has a good chance of success. I think that your sponsorship of this Bill would be in the interests of all citizens in this country and I would therefore be very grateful if you would please adopt this Bill.

Yours sincerely,

ENDS