A likely alliance of private bankers and lawyers have joined forces to boost the take up of philanthropy advice services by the UK’s rich, amid grumblings that the quality and regulation of the philanthropy advice industry in the country is disappointing.

A steering group, chaired by ambassador for philanthropy Dame Stephanie Shirley (pictured), will encourage increased use of philanthropy advisors in the UK, coinciding with the release of a report by the committee’s founder, New Philanthropy Capital, which suggests that the quality of advice is “disappointing”, despite already increased demand for philanthropy services.

Paul Knox, head of UK wealth advisory services at JP Morgan, is one of a number of private bank representatives on the steering committee and voiced his concern over the lack of regulation in the nascent industry.

“We are seeing a burgeoning market for philanthropy advice and there is pent up demand for people to give more effectively. At the moment, the philanthropy advisor market is unregulated, and anyone can call themselves a ‘philanthropy advisor’ without any formal training or experience,” he said. “We want to see a more cohesive philanthropy market developing with a recognised qualification and a minimum standard.”

The business of philanthropy report, released by NPC, argued that while lawyers and bankers are interested in offering philanthropy advice services to clients, “very few advisors have worked out how to do it well”, according to Plum Lomax, author of the report.  “There is a fantastic opportunity being missed by many banks, law firms and family offices,” she said.

The inclusion of bankers and lawyers on the steering committee is designed to serve a dual function of increasing demand for the services, while bringing together stakeholders with the ability to set industry standards.

Dame Shirley said that philanthropy remained at disappointing levels in the UK, despite recent advances. “Although the past decade has seen a significant increase in philanthropy in the UK, giving is still not embedded in the culture of this country,” she said.

NPC provides philanthropy advice training to some of those companies represented on the steering committee.