More than half of Brits are clueless about the fastest growing sector in the UK economy — social enterprise. A study by O2 and Social Enterprise Magazine found many people are confused about the difference between a social enterprise and a charity. Over 50% of those polled wrongly believe social enterprises get most of their [...]
Islamic finance is set to grow at double the pace of the conventional banking sector, Singapore’s finance minister has claimed. Lim Hung Kiang said he expects the sector to break through the $1 trillion mark in total assets by the end of 2010. Speaking yesterday at the World Islamic Banking Conference Asia Summit in Singapore, [...]
At least ten self-proclaimed “ethical” funds hold shares in BP despite the oil producer’s pivotal role in the worst oil spill in history. The ethical investment funds holding BP in their portfolio include SWIP Pan-European SRI Equity, SWIP Global SRI, Real Life A, Church of England Investment, COIF Charities Investment, Aberdeen Responsible UK Equity, Marlborough [...]
Businesses claiming to be socially responsible must match their words with action or risk being shunned by consumers, according to a new report published yesterday. The Who Cares Wins report by Havas Worldwide found many business leaders are oblivious to the potential impact of social media on how consumers evaluate brands claiming to be ethical. [...]
Since the financial crisis city bankers, fund managers and financial advisers have become more aware than ever before of green and ethical investment options. Recent research by F&C Investments found 73% of investors would consider taking advantage of an ethical investment trust if one became available. According to the UK sustainable investment and finance association [...]
Social enterprises defied the recession to achieve substantial growth during the economic downturn, according to a new study published this week. Research by the Royal Bank of Scotland found the 100 highest growth firms in the sector reported an annual growth in revenue of 79% in the year to March. Of the 350 firms that [...]
Microfinance is one of the few sectors to have escaped the impact of the financial slowdown, according to a new report published this week. Unitus-Hewitt Microfinance Compensation & Benefits Survey found employee compensation in India-based microfinance institutions (MFIs) has held steady through the recession. Looking at employee compensation is a considered a reliable measure of [...]
Co-operative Financial Services (CFS) secured the accolade of sustainable bank of the year at this year’s Financial Times Sustainable Banking Awards. HSBC was announced as the runner up, while Itau Unibanco, Brazil won the award for emerging markets sustainable bank of the year. “We are seeing a much greater commitment by financial institutions in both [...]
Investors looking to profit from microfinance are no better than loan sharks, a pioneer of the industry has claimed. Nobel laureate Muhammad Yunus said he is concerned that investment funds are viewing microfinance as a way to make a profit. “Poor people should not be presented as an opportunity to make money,” said the Bangladeshi [...]
Ethical investments are ideal for investors looking to minimise long-term risk, a financial expert has claimed. Alyce Lomax, columnist at The Motley Fool, said socially responsible investments should be the first choice for investors taking a long-term view. “Investors should focus on stocks whose stellar business practices will help them endure for decades to come,” [...]
Investors are increasingly looking to make a positive difference to the world with the amount invested in UK-based green and ethical funds reaching a record high. At the end of 2009 the amount invested in these funds totalled £9.5 billion. The figures from ethical research group Eiris represent a 400% rise in ethical investments over [...]
Ethical investors in Wales are being given the opportunity to invest in an organic market garden. The 10-acre site will supply fresh produce – including vegetables, salads, and fruit – for Cardiff’s Riverside Market and a vegetable box scheme. The social enterprise will have an estimated turnover of £170,000 and will provide enough vegetables to [...]
The coalition government’s spending cuts will hit the vulnerable and needy the hardest, according to a leading social commentator. Polly Toynbee, columnist at the Guardian newspaper, challenged the “myth” that frontline services will be protected, adding that 100,000 people could lose their jobs as a result of the cuts. Targets of the cuts include government [...]
People seeking financial advice should work out what they want to achieve with their money before visiting an advisor, a financial expert has claimed. Mike Fosberry, president of the Personal Finance Society, said people can have all sorts of objectives for their money, such as building up their pension, paying off debt, or making a [...]
Nearly three quarters (72%) of charity workers believe their pension should be invested ethically. Research by the Pensions Trust found charity workers rate ethical investment as one of the most important attributes for their pension scheme. Other pension attributes rated important by charity workers included value at retirement and company engagement with shareholders. Seven in [...]
The biggest “unconference” in social enterprise launches today with a post-election party and a debate on how the coalition government will affect socially responsible businesses. The Shine Unconference is “the opposite of a traditional business event, offering a dynamic network where you can be a part of helping the whole movement grow,” conference organisers said [...]
Big Issue Invest, Britain’s first social enterprise investment fund, is set to close its first round of investments having raised almost £3 million towards a £10 million total. Investors in the fund are similar to investors in a mainstream investment fund, and include pension funds, pop stars, and other wealthy individuals. “We are offering investors [...]
Companies should not waste shareholders’ money on philanthropy, the chairman of Nestle claimed this week. Peter Brabeck-Letmathe, chairman of the Switzerland-based food giant, said corporate philanthropy is a “misuse” of shareholder money, Bloomberg reports. “I’m personally very much against corporate philanthropy,” Brabeck said in a television interview. “You shouldn’t do good with money which doesn’t [...]
Small businesses with a conscience can get advice on ethical issues from sustainability to socially responsible finance at the British Library’s Green and Ethical Month. Events throughout May at the London-based library will include seminars, workshops and drop-in sessions led by eco-experts. The events have been organised by successful green and ethical entrepreneurs. “Green and [...]
New Zealand MPs are set to vote on a bill that would ensure government funds are ethically invested. The bill, sponsored by MP Grant Robertson, would mean the government could only invest in socially and environmentally responsible companies. “I believe that New Zealanders want [government] investments to be ethically sound,” Robertson said. “What this Bill [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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