Following feedback from round table participants, who were keen to see the development of a more permanent ethical finance platform, the concept of the EFH was developed and presented to Scottish Government. After completing an initial business case and demonstrating strong industry support the Scottish Government agreed to fund the launch and start-up phase of the organisation.
The EEFRT series is led by industry practitioners and every quarter attracts leading experts to share their insights on prominent ethical finance topics. The events offer a unique platform for networking, knowledge sharing and exploring ideas aimed at promoting a fairer and more socially responsible finance system.
With a focus on practical outputs, over a number of months, the EEFRT’s provided the forum to develop the EFH concept which was supported by:
- Financial services (banking, investment management, credit unions, advisory firms, IFAs etc)
- Monetary reformists
- Government (Finance Ministers, regulators)
- Local council authorities
- Faith groups
- Professional institutes
- Professional services (law firms, accountants, consultants, insolvency practitioners etc)
- Third sector.
After developing an outline proposition the EFH concept was presented to the Scottish Government in April 2014. With strong industry support the Scottish Government welcomed the formation of a steering group which produced the outline business plan that secured the initial seed funding for the EFH. In October 2015 Deputy First Minister John Swinney MSP announced the Government support and the EFH was formally launched in April 2016.
“I’m pleased to say the Scottish Government is supporting this project which will allow Scotland to capitalise on the increased global profile of ethical finance and progress towards becoming a worldwide industry leader in the field.”
John Swinney MSP – Deputy First Minister of Scotland and Cabinet Secretary for Education and Skills