Nineteen sector leaders have written to Mark Hoban, Financial Secretary to the Treasury, urging him to accept amendments to the Financial Services Bill which promote social investment.
Shadow Financial Secretary to the Treasury Chris Leslie tabled two amendments to the Financial Services Bill around social investment last week.
Amendment 72 would place a general ‘social investment duty’ on the new Financial Conduct Authority, which will be the successor body to the Financial Services Authority, to carry out its work in a way which promotes the development of social finance and social investment.
And amendment 73 would require the Financial Conduct Authority to establish a ‘social investment panel’ of persons with knowledge and expertise in social investment which it would have to consult with and have regard to in relation to its activities.
The letter to Hoban, written by NCVO, urges him to accept Leslie’s amendments, saying they would pave the way for the growth of the social investment market.
The letter has been co-signed by the leaders of 19 organisations, including Charity Finance Group, Acevo, Charity Bank, Social Enterprise UK, Social Finance, Big Issue Invest, Big Society Capital and Bates, Wells & Braithwaite.
The Financial Services Bill is currently at the committee stage which is scheduled to complete on 20 March. The Committee is scheduled to report on 22 March.