Rooted Finance and a Deep Dive into Diversity

24 August 2023

 In our fourth episode, Steve meets with Muna Yassin MBE from Rooted Finance, a specialist money and debt advice charity.

Muna shares some interesting statistics and highlights the severity of the ethnicity premium. Their discussion raises the need for greater accuracy in data and further research into how ethnicity can affect the cost of necessities, such as insurance. Even more so as the last census showed that about 1 in 5 people in England and Wales are from a black, asian, mixed or other non-white backgrounds. Under the consumer duty, deepening our knowledge of diverse ethnic communities will be critical to achieving good customer outcomes.

Further to this, collaboration between specialist advice agencies, financial institutions, collections and recoveries and the regulators could lead to lower costs and better debt outcomes for all.

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