UK Advisors Combine To Raise Sustainability Engagement


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The power of combination is demonstrated, so the UK advisors say, when it comes to engaging with firms on areas such as sustainability and employee mental health.


UK financial advisor firms have joined forces to give them more
clout in pushing for change in areas such as sustainability and
mental health. 


The new group, called AdviserAction, is backed by founder firms
Castlefield, Clear Financial Advice, ESG Accord (Accord
Initiative), Fintel PLC, Kellands Chartered Financial Planners,
Lyndhurst Financial Management, Paradigm Norton and CCLA,
according to a statement from the organisation.


“AdviserAction has been created to empower advisors wherever they
are in the UK, to help advance clients’ interest in improving
sustainable outcomes and to pool resources to enable advisors to
participate in corporate engagement,” the group said.


In its first engagement focus, AdviserAction will concentrate on
mental health in the workplace.


“Up to now, financial advisors have played a key role in
promoting the development of sustainable finance, but the
structure of the industry has made engagement with investee
companies almost impossible. Engagement is one of the few ways
that investors can make a difference; by using share ownership
rights to influence policies, processes and behaviour of an
investee company they can change practices for the better,” it
continued. 


 The group has been formed at a time when consumers are
increasingly keen to wield their financial muscle to build a
“greener,” more sustainable world, so figures show.
AdviserAction cited a recent survey by the Financial
Conduct Authority
, showing that 81 per cent of consumers
would like their investments to do good as well as deliver a
financial return. 


The trend also gels with the introduction of Consumer Duty,
through which the FCA requires a high standard of proof that the
advisory industry is delivering good client outcomes in its
recommendations, which includes investment advice.


The members of AdviserAction will be able to select several
topics, or specific companies in order to engage with companies
and/or policymakers.



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