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star this property registered interest false more like this
star this property date less than 2017-02-23more like thismore than 2017-02-23
star this property answering body
Department for Culture, Media and Sport more like this
star this property answering dept id 10 more like this
star this property answering dept short name Culture, Media and Sport more like this
unstar this property answering dept sort name Culture, Media and Sport remove filter
star this property hansard heading Social Investment Advisory Group more like this
star this property house id 2 more like this
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25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government<i>, </i>further to the answer by Lord Ashton of Hyde on 10 January (HL Deb, col 1857), who is on the advisory group set up to open social investment products to individuals, how frequently will the group meet, when was the group’s first meeting, and what are its terms of reference. more like this
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Baroness Smith of Basildon more like this
star this property uin HL5578 remove filter
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2017-03-09more like thismore than 2017-03-09
star this property answer text <p>The advisory group is chaired by Elizabeth Corley, VC Allianz Global Investors, and is made up of senior industry representatives from across the savings and investment sectors, with a balance of CEO’s, senior practitioners and product experts. A full list of organisations that are involved can be found at Annex A.</p><p>The group’s first meeting was on the 18th January and will meet four more times before July, when the group will announce their initial recommendations to government and industry. The three working groups, that have been set up to look at specific issues around Product, Distribution and Customer Engagement, will meet more frequently. Terms of reference can be found at Annex B</p><p>Annex A – List of organisations involved in the advisory group</p><p>The advisory group is split into:</p><p>(a) An advisory committee acting as a high-level sounding board</p><p>(b) A steering group which shapes the work</p><p>(c) Three working groups looking in-depth at specific issues around Product, Distribution and Customer Engagement</p><p>The Chair of the advisory group (which encompasses all of the above) is Elizabeth Corley, VC Allianz Global Investors, and it currently has representation from the following firms (subject to change/additions):</p><ul><li>Aberdeen Asset Management</li><li>Albion Ventures</li><li>Architas</li><li>Axa Investment Managers</li><li>Barclays</li><li>Big Issue Invest</li><li>Big Society Capital</li><li>Blackrock</li><li>Bridges Ventures</li><li>Centapse</li><li>CFA Society UK</li><li>City of London Social Investment Board</li><li>ClearlySo</li><li>Columbia Threadneedle</li><li>Esmee Fairbairn Foundation</li><li>FCA (Financial Conduct Authority)</li><li>FRC (Financial Reporting Council)</li><li>Grant Thornton</li><li>Hargreaves Lansdown</li><li>Henderson Global Investors</li><li>Hermes Investment Management</li><li>HSBC</li><li>Invesco</li><li>Investment Association</li><li>Legal &amp; General Investment Management</li><li>Lloyds Bank</li><li>M&amp;S Bank</li><li>Mercer</li><li>NEST (National Employment Savings Trust)</li><li>New Philanthropy Capital</li><li>Nutmeg</li><li>PLSA (Pensions &amp; Lifetime Savings Association)</li><li>Social Finance</li><li>St James Place</li><li>Standard Life</li><li>Squaremile</li><li>Triodos</li><li>Trust for London</li><li>UBS</li><li>UK National Advisory Board on Impact Investing</li><li>Virgin Money</li><li>Worthstone</li><li> </li></ul><p>Annex B: Terms of Reference</p><p>ADVISORY GROUP TO GOVERNMENT:</p><p>CREATING A CULTURE OF SOCIAL IMPACT INVESTMENT AND SAVINGS</p><p>ENHANCING INDIVIDUAL CHOICE</p><p>Summary:</p><p>How can the savings, pensions and investment industries, with the support of government, engage with individual investors to enable them to support more easily the things they care about through their savings and investment choices?</p><p>Detail:</p><p>The advisory group has been formed at the request of the Minister for Civil Society and the Economic Secretary to the Treasury.</p><p>It has been created to discuss how the savings, pensions and investment industries, with the support of government, can engage with individual investors to enable them to support more easily the things they care about through their savings and investment choices, whether through retail options or in collective schemes.</p><p>The aims of the advisory group are to:</p><p>1. Explore barriers to the development of products with social impact components</p><p>2. Explore barriers to the demand for and distribution of such products</p><p>3. Consider who is best placed to identify and implement solutions</p><p>4. Consider how existing best practice, regulatory incentives and further measures can reduce or remove barriers</p><p>5. Develop ideas for how best to explain social impact savings and investment choices to individuals and to provide feedback on impact to any fiduciaries and advisors involved</p><p>6. Discuss timescales for solutions, including possible next steps for any longer-term work to be taken forward beyond the advisory group.</p><p>Elizabeth Corley, Vice Chair of Allianz Global Investors (and previously CEO) has been asked to Chair the group. The group has been asked to make an initial report to the Minister for Civil Society and the Economic Secretary to the Treasury in Summer 2017.</p><p>Conclusions and recommendations are those of the group, but may not represent any individual member’s view. Any decisions on government policy rest with the ministers of the day.</p><p> </p>
star this property answering member printed Baroness Buscombe more like this
star this property question first answered
less than 2017-03-09T15:52:51.163Zmore like thismore than 2017-03-09T15:52:51.163Z
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3349
star this property label Biography information for Baroness Buscombe more like this
star this property tabling member
4170
star this property label Biography information for Baroness Smith of Basildon more like this