Some 20 financial services companies have signed up to an industry taskforce that aims to help boost social impact investing in the UK.
In November last year, an independent advisory group commissioned by the government, Allianz Global Investors, published a report with 53 recommendations for government, industry and umbrella organisations to help grow the social impact investing market.
Last month, Prime Minister Theresa May asked Elizabeth Corley, vice chair of Allianz, to lead an industry taskforce to progress recommendations from the report. The government is also said it would publish a policy response to the report in the summer.
Now, some 20 firms have pledged their support for the taskforce including Big Society Capital, Esmee Fairbairn Foundation and Big Issue Invest.
As part of the taskforce, the firms will aim to:
• Improve deal flow and the ability to invest at scale;
• Strengthen competence and confidence within the financial services industry;
• Develop better reporting of non-financial outcomes;
• Make it easier for people to invest;
• Maintain momentum and build cohesion across initiatives.
Corley said: “To already have twenty firms on-board, with more in the pipeline, will help us accelerate our work and turn our advice into actions”.
“With research showing that more than half of people in the UK are interested in purchasing social impact investment products but that only nine per cent have done so, this is a market with enormous potential, waiting to be unlocked.”
The firms that have pledged their commitment so far are:
• Aberdeen Standard Investments
• Albion Capital
• Allianz Global Investors
• Big Issue Invest
• Big Society Capital
• CFA UK
• CFA Institute
• Columbia Threadneedle Investments
• Esmee Fairbairn Foundation
• Hermes Investment Management
• Janus Henderson
• Legal & General Group / LGIM
• M&S Bank
• M&G Investments
• Social Finance
• St. James's Place
• Triodos Bank UK
• Virgin Money
Social Investment Business, which is providing secretariat and project management support to the taskforce, says two more organisations are in the process of signing up.