Transactional banking services are essential to participation in the community. FinCap believes everyone should have access to these basic services.

FinCap is calling on regulators, government and industry and communities to achieve financial inclusion through a right to access essential banking services.

FinCap has made comments on the Council of Financial Regulators (CoFR) Access to Basic Transaction Accounts Issues Paper.

FinCap herald's the paper as an excellent example of regulators listening to their community concerns and providing different opportunities for feedback.

Many in the community often face difficulties setting up transaction accounts, which creates a barrier to people accessing the essentials and avoid unmanageable debt.

We are concerned about the effects of financial abused that happens when people are forced to deposit income in another person's account or have no option but to continue using a joint account when a relationship has broken down.

This also causes problems for Financial Mentors trying to help people experiencing financial abuse or harm.

Read the submission here.