Retail Revolution 2003 - 2006

 

*Please note that these pages are now out-of-date and should be viewed as historical information only. In order to access more accurate information please consult our Course for Financial Advisers. 

UKSIF's Retail Revolution programme, launched in July 2003, aimed to take ethical investment out of the <1% niche. 

Click here for Aims & Objectives

 

Programme Achievements

Since the launch of the Retail Revolution programme in July 2003, achievements include:
Adviser Guidelines / IFA Toolkit
  •         Published a comprehensive and practical Toolkit on Responsible Investment for IFAs, which was launched at the Guildhall, London in November 2004. The Toolkit was endorsed by Paul Smee, then Director General of the Association of Independent Financial Advisers (AIFA) and the launch event heard from Chris Cummings, then board Director of AIFA who is now Director General AIFA.    
  •                         Disseminated hard copies of the Toolkit to over 9,000 Independent Financial Advisers, of which 4,000 received paper copies.Delivered over 10 IFA training seminars on responsible investment, providing face-to-face training to over 250 IFAs, as well as engaging with over 250 IFAs at Money Marketing IFA events. 
  •                          Enabled IFA access to peer support by providing the secretariat for the Ethical Investment Association – the industry body for IFAs specialising in ethical and socially responsible investment.
IFA Training
UKSIF organised three half-day IFA training seminars in Birmingham, Manchester and London in summer 2006. The seminars provided IFAs with a summary of the business benefits of SRI, an introduction to UKSIF's Responsible Investment Toolkit, an opportunity to listen and network with product providers and an interactive case study session. UKSIF would like to thank the funders of the Retail Revolution programme and in particular Friends Provident and Insight Investment for hosting the training events.
Parliamentary / Regulatory
  •                       Successfully ensured that responsible investment is included in the new International Standard for the Competencies of a Personal Financial Planner (ISO 22222) by working with the International Standard Organization (ISO).
  •                       Successfully ensured that responsible investment is highlighted in the UK National Guidance Note which supports the ISO22222 by engaging with the British Standard Institute (BSI).  The UK Guidance note contains a direct reference to UKSIF's Toolkit and financial advice training documents.
  •                         Successfully ensured the inclusion of responsible investment in the new UK qualification standard on retail investment advice by working with the Financial Services and Skills Council (FSSC).
  •                         Raised awareness about UKSIF's IFA Toolkit on Responsible Investment by engaging with examination bodies, such as the Chartered Insurance Institute (CII), Institute of Financial Services (IFS) and the Personal Finance Society (PFS).
  •                         Deepened dialogue about responsible investment with further bodies such as the Association of Independent Financial Advisers (AIFA) and with the Financial Services Authority and the Financial Ombudsman Service. The Financial Services Authority clarified that financial advisers should be able to discuss ethical investment if this was raised by a client.
Education / Awareness-Raising
  •                        Produced press releases and articles for targeted media, resulting in over 15 articles highlighting UKSIF's responsible investment activities.
  •                         Secured UKSIF member support for the Eurosif Transparency Guidelines for SRI Retail Funds.
  •                         Launched the InvestAbility website, a consumer website designed to help consumers reflect their values in their investments.
  •                         Published research on the availability of Child Trust Funds with ethical and socially responsible investment criteria and the disclosure of responsible investment criteria by stakeholder Child Trust Funds.
  •        Conducted a survey of 35 top IFA firms finding: 
52% of firms (18 firms) asked clients about 'ethical concerns' in their standard client fact find. However, only 28% (5 firms) were able to quote the question and none included the words environmental, social or religious concerns in their phrasing.

 Over 70% of firms (25 firms) do not provide training for advisers on responsible investment.

 90% of firms do not include ethical and socially responsible investment in advisers training needs analysis for CPD.

Most firms were unable to confirm how advisers kept up to date with changes to ethical fund criteria, the launch of new research tools, new ethical or socially responsible investment techniques or performance research.