In 2016, government appointed Dame Elizabeth Corley, former-CEO and Vice Chair of Allianz Global Investors, to chair an Advisory Group looking at how to grow a culture of social impact investment and savings in the UK.
Their report, “Growing a Culture of Social Impact Investing in the UK” (2017), detailed more than 50 recommendations on how this could be achieved and thus enable more people to support more easily the things they care about through their savings and investments.
In March 2018 the Prime Minister asked Elizabeth to lead an Implementation Taskforce to progress the recommendations in the report. See here for the press note.
The final report by the Implementation Taskforce highlights the progress made over the year and level of engagement across the private, public and social sectors.
In June 2019, the Implementation Taskforce announced that it had joined up with The UK National Advisory Board on Impact Investing (“UK NAB”) to launch a new independent institute that will make it easier for people to invest their money to benefit communities and society.
The Impact Investing Institute will look for more effective ways to combine financial returns with a social purpose to help improve people’s lives.
The initiative is being led by both the Implementation Taskforce chair, Dame Elizabeth Corley, and the UK NAB chair, Sir Harvey McGrath (Chair of Big Society Capital and former Chair of Prudential plc and Man Group plc), and has been driven by the enthusiasm of members and supporters to provide a focal point for social impact investing in the UK.
The Institute has broad backing across the financial services and social sector, and will be supported by private firms and foundations alongside the Department for Digital, Culture, Media and Sport, the Department for International Development and the City of London Corporation.
See here for the press note and the Impact Investing Institute’s website.
Additional documents published alongside the original Advisory Group report in 2017, including a letter to the Financial Conduct Authority (FCA) and the Financial Ombudsman (FOS).