Share

Peers pass social investment amendments in Financial Services Bill

Peers pass social investment amendments in Financial Services Bill
News

Peers pass social investment amendments in Financial Services Bill

Finance | Vibeka Mair | 14 Nov 2012

Amendments to the Financial Services Bill that support social investment have been passed in the House of Lords.

The amendments, proposed by Lord Hodgson, will encourage regulators to consider the different expectations social investors have compared with other investments.

The amendments were strongly campaigned for by the Social Investment Forum – a collective of social investment intermediaries led by Social Enterprise UK.

The campaign included an open letter to Lord Sassoon, the minister overseeing the Bill, requesting his support and signed by 18 civil society leaders including Peter Holbrook, chief executive of Social Enterprise UK; Nick O'Donohoe, chief executive of Big Society Capital; and Jonathan Jenkins, chief executive of the Social Investment Business.

During the debate where the amendments where passed, Liberal Democrat peer Lord Newby who sits on the Bill’s committee said that government was committed to supporting the nascent social investment sector.

He said that the FSA (soon to be replaced by the Financial Conduct Authority) had agreed to make clear that its existing rules did not restrict advised sales of social investment products. Lord Newby also announced that the financial regulator will have a dedicated person for social investment.

Commenting on the passed amendments, Peter Holbrook said: “These amendments are the result of almost a year’s campaigning by the Social Investment Forum. Working to support the efforts of Lord Phillips, Baroness Kramer and Lord Hodgson, the Forum has used its collective influence to create a financial landscape that will boost investment in social enterprises and charities – a source of capital that will be vital to their futures in these austere times.

“But the work is not over yet. The Forum will continue to represent the social finance sector, working with regulatory bodies to understand how these amendments can be applied to support the growth of the social investment market.”  

Comments

[Cancel] | Reply to:

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

  • Robust but respectful debate
  • Strongly held opinions
  • Intelligent relevant discussion
  • The sharing of relevant experiences
  • New participants

We will not publish:

  • Rude, threatening, offensive, obscene or abusive language, or links to such material
  • Links to commercial organisations or spam postings. The comments board is not an advertising platform
  • The posting of contact details for yourself or others
  • Comments intended for malicious purpose or mindless abuse
  • Comments purporting to be from another person or organisation under false pretences
  • Gratuitous criticism, commentary or self-promotion
  • Any material which breaches copyright or privacy laws, or could be considered libellous
  • The use of the comments board for the pursuit or extension of personal disputes

Be aware:

  • Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
  • Comments left by others may not be accurate, do not rely on them as fact
  • You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

  • Enjoy the opportunity to express your opinion and respect the right of others to express theirs
  • Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.

Free eNews

Big Lottery Fund awards £150m to local neighbourhood foundation

23 Jan 2015

The Big Lottery Fund has awarded £150m to a new community grantmaking foundation to help individuals...

NPC: Fundraising methods do not affect trust in charities

23 Jan 2015

How charities spend their money and what they do are more of a concern for the public than fundraising...

Marie Curie turns to television to recruit volunteers

22 Jan 2015

Marie Curie is hoping to attract more volunteers for its 2015 Great Daffodil Appeal, with the launch of...

New four-year NCS programme planned for Northern Ireland

26 Jan 2015

The Northern Ireland government is currently finalising plans to unveil a renewed, four year programme...

Commission case reports 'are misleading and risk damaging charities'

26 Jan 2015

The Charity Commission’ announcements about charities it investigates are misleading and risk unnecessarily...

Victim support charities' data 'not being adequately protected', says information regulator

26 Jan 2015

Charities associated with the Victims Services Alliance (VSA) must take more steps to comply with data...

Comparison website for special needs services launched by charity consortium

23 Jan 2015

A coalition of social care charities has launched a TripAdvisor-style website, designed to help families...

CRUK debuts contactless giving through shop windows

21 Jan 2015

Cancer Research UK has announced a collaboration with outdoor media owner Clear Channel to bring contactless...

Charity IT Association will provide free technology advice

15 Jan 2015

Four IT organisations have pooled their resources to launch the Charity IT Association and provide free...

Join the discussion

 Twitter button

@CSFinance