Financial Capability Strategy Workplace Steering Group Minutes
Financial Capability Strategy Workplace Steering Group Minutes Date: Time: Location: Chair:
Friday 26 April 2017 10.30-12.30 MAS, 120 Holborn, London, EC1N 2TD Adam Micklethwaite, Good Things Foundation
Attendees Adam Micklethwaite, Good Things Foundation | Matt Moxon, Good Things Foundation | Michelle Highman, The Money Charity | Jennie Terry, The Money Charity | Howard Gannaway, Learning and Work Institute | Peter Tyler, BBA | Neal Southwick, Macmillan | Matt Bland, ABCUL (by phone) Money Advice Service Attendees Inigo Churchill (Secretariat) | Jake Eliot (Policy) | Jackie Spencer (Propositions) | Magda Karoni-Rochford (Digital for website updates) Apologies Gail Toal, Bank of Ireland | Treasa Anderson, Bank of Ireland | Karen Northey, FCA | Guy Chaundy, Birmingham City Council | Liz Walker, Unum UK | Lauren Potts, TPAS 1.
Introductions
1.1
Minutes of the meeting of 25 October 2016 were approved. All approved minutes will be uploaded to the FinCap website
1.2
The group discussed attendance of members. Action: MAS will contact all members of the Working Age steering group who have not attended meetings recently to be to check in on their capacity to commit to the group and the work plan.
2.
FAMR update paper
2.1
JE updated the group on three key areas of work from the FAMR working groups: The employer role, definitions of advice and guidance and Rules of Thumb and Nudges. MAS had been involved in all three sub-groups. These groups had now ceased with the publication of their final reports.
2.2
MAS has committed to hosting and Employer Resources and developing the work on Rules of Thumb further. The FAMR group on Rules of Thumb and Nudges have asked the Financial Capability Board to provide oversight of future work on nudges as part of their co-ordination role.
32
The group shared reflections on Rules of Thumb. While the output of the FAMR group collated previous learning, the group felt it did not significantly move the agenda forward. Group members were keen to both input into further development of rules of thumb and for the group as a whole to consider how specific rules of thumb could be applied and communicated to workingage people. 3.
Employer Portal
Minutes, WASG 20160728
1
3.1
JS explained the journey the FAMR project had taken towards a simple online portal for employers, hosted by MAS. The sub group’s user research highlighted employers wanted to help their staff but did not know how and or did not have resources and also had concerns about too direct. There was an expressed need for a simplified method of help in a variety of media.
3.2
The group discussed the resource and it was thought to be a sensible and appropriate. The group asked to what extent this will drive the behaviour change and what the support needs of smaller employers were, JS responded that the resource was intended as a gateway into guidance for employers, particularly smaller and medium sized employers, who were looking for a selfservice option. The portal does not attempt to answer the diversity of needs for financial capability in the workplace. The portal is an entry point introduce key concepts and signpost users onwards. It is not a structured financial education programme. MAS will host the portal and additional work is required to engage employers.
3.5
AM noted that whilst this piece of work fell solidly into the area of interest that the group are considering, there is still work to do focussing on life events the employer journey. JS made clear that further work needed to be done to set up and evaluate the workplace as a conduit for effective change. Action: MAS to circulate list of all evidence referenced in the FAMR Employer Resource paper within template business case document. SG members asked to:
33
Submit evidence on workplace financial capability from their own evidence base and networks. Submit any feedback on the current live version of the portal. Feed in and contribute to ideas for the next steps in the employer resource work.
4.
Developing the case for employer engagement in financial capability
4.1
The group considered what actions it might take to advance the Fincap Strategy. The core of the business case should be generic to all employers but would split into more targeted information at the intervention point.
4.2
Initiatives discussed included building and using a network of CEO level champions (to help build the business case, reinforcing the strategy and producing evidence) and scoping what might be required in business research commissioning. Action: MAS to extend next meeting to engage other stakeholders (employers, retail banks, Trade Unions) Action: Invite guest speakers for future meetings Action: Add discussion about case for survey / large scale data collection to next meeting agenda
5.
Workplace Action Plan
5.1
The group agreed that the action plan was owned by the steering group. It was felt some items would be group orientated with highlights on dependencies and later some RAG ratings that shows how dependencies impact on outcomes
Minutes WASG 20170210
34 35 36
2
5.2
The group felt the need to produce an action plan with a common approach. It was felt that the group needed to highlight specific ambitions for the Group to focus on, with the right balance of projects and priorities led on by MAS, organisations on the Steering Group and wider stakeholders.
5.3
The action plan will be published and progress measured against the plan with the aim that financial capability will become everyday practise within people’s workplaces.
5.5
The group discussed the need for driving up employer engagement, generating better and more action-focused evidence on how to effectively support employers and the need to identify and test practice. To see what is out there now that could be leveraged, the Group will prioritise engagement with organisations who self-identify as leading in the area.
5.6
to do the work and it was felt that there was scope for the group to give a clear steer on areas that they think are important.
5.7
The core functions of the group were identified as: -
Creating and maintaining the business case Pulling in and involving employers in the strategy Identifying research
Action: Group to be renamed Fincap in the workplace Steering Group. 6.
Strategy Update Paper
6.1
IC pointed the group towards the updated paper that had been circulated.
7.
Website Update Paper
7.1
MK-R explained that MAS are considering how to improve the effectiveness and user journey of the www.fincap.org.uk website and introduced some feedback questions for comment. [MAS have now started the discovery phase of this project and will now be conducting focussed interviews with various stakeholders. Action: Group members who would like to be involved in the project at this phase to contact IC
8.
38
39
Any Other Business There was no additional business.
Minutes WASG 20170210
3
Working-Age Steering Group Actions Log Ref 02
16
22
26 27 28 30 31 32
33
34
35
36
38 39
Action All steering group members who have not yet nominated deputies to do so MAS to circulate a call for updates to steering group members in advance of meetings. Investigate ways of proactively keeping the group updated on new information as it arises. Minutes to be published onto the Fincap Website MAS to keep the group informed of WWF projects Update Action Plan with actions and outputs Improve interaction with FinCap Board SG to agree research topics to recommend Members of the Working Age steering group who have not attended meetings recently to be contacted to ask if they still want to be part of the group. MAS to circulate list of all evidence referenced in the FAMR Employer Resource paper. SG members to feed in and contribute to ideas for the next steps in the employer resource work. MAS to extend next meeting to engage other stakeholders (employers, retail banks, unions) Invite guest speakers for future meetings Add discussion about case for survey / large scale data collection to next meeting agenda Group to be renamed Workplace Steering Group. MAS to circulate website questionnaire to members for completion
Minutes WASG 20170210
Owner Date due All
MAS
Ongoing
MAS
Ongoing
MAS
Ongoing
MAS
Ongoing
MAS
Ongoing
All
Ongoing
All
By Oct 2017
Update
See Action. 39
AM & MAS
IC
List of evidence sent 27/04/2017
All
End June 2017
IC
Before next meeting
IC/JE, AM, HG MAS
Before next meeting
Availability checked and room booked
MAS MAS / All
4
Friday 26 April 2017 10.30-12.30 MAS, 120 Holborn, London, EC1N 2TD Adam Micklethwaite, Good Things Foundation
Attendees Adam Micklethwaite, Good Things Foundation | Matt Moxon, Good Things Foundation | Michelle Highman, The Money Charity | Jennie Terry, The Money Charity | Howard Gannaway, Learning and Work Institute | Peter Tyler, BBA | Neal Southwick, Macmillan | Matt Bland, ABCUL (by phone) Money Advice Service Attendees Inigo Churchill (Secretariat) | Jake Eliot (Policy) | Jackie Spencer (Propositions) | Magda Karoni-Rochford (Digital for website updates) Apologies Gail Toal, Bank of Ireland | Treasa Anderson, Bank of Ireland | Karen Northey, FCA | Guy Chaundy, Birmingham City Council | Liz Walker, Unum UK | Lauren Potts, TPAS 1.
Introductions
1.1
Minutes of the meeting of 25 October 2016 were approved. All approved minutes will be uploaded to the FinCap website
1.2
The group discussed attendance of members. Action: MAS will contact all members of the Working Age steering group who have not attended meetings recently to be to check in on their capacity to commit to the group and the work plan.
2.
FAMR update paper
2.1
JE updated the group on three key areas of work from the FAMR working groups: The employer role, definitions of advice and guidance and Rules of Thumb and Nudges. MAS had been involved in all three sub-groups. These groups had now ceased with the publication of their final reports.
2.2
MAS has committed to hosting and Employer Resources and developing the work on Rules of Thumb further. The FAMR group on Rules of Thumb and Nudges have asked the Financial Capability Board to provide oversight of future work on nudges as part of their co-ordination role.
32
The group shared reflections on Rules of Thumb. While the output of the FAMR group collated previous learning, the group felt it did not significantly move the agenda forward. Group members were keen to both input into further development of rules of thumb and for the group as a whole to consider how specific rules of thumb could be applied and communicated to workingage people. 3.
Employer Portal
Minutes, WASG 20160728
1
3.1
JS explained the journey the FAMR project had taken towards a simple online portal for employers, hosted by MAS. The sub group’s user research highlighted employers wanted to help their staff but did not know how and or did not have resources and also had concerns about too direct. There was an expressed need for a simplified method of help in a variety of media.
3.2
The group discussed the resource and it was thought to be a sensible and appropriate. The group asked to what extent this will drive the behaviour change and what the support needs of smaller employers were, JS responded that the resource was intended as a gateway into guidance for employers, particularly smaller and medium sized employers, who were looking for a selfservice option. The portal does not attempt to answer the diversity of needs for financial capability in the workplace. The portal is an entry point introduce key concepts and signpost users onwards. It is not a structured financial education programme. MAS will host the portal and additional work is required to engage employers.
3.5
AM noted that whilst this piece of work fell solidly into the area of interest that the group are considering, there is still work to do focussing on life events the employer journey. JS made clear that further work needed to be done to set up and evaluate the workplace as a conduit for effective change. Action: MAS to circulate list of all evidence referenced in the FAMR Employer Resource paper within template business case document. SG members asked to:
33
Submit evidence on workplace financial capability from their own evidence base and networks. Submit any feedback on the current live version of the portal. Feed in and contribute to ideas for the next steps in the employer resource work.
4.
Developing the case for employer engagement in financial capability
4.1
The group considered what actions it might take to advance the Fincap Strategy. The core of the business case should be generic to all employers but would split into more targeted information at the intervention point.
4.2
Initiatives discussed included building and using a network of CEO level champions (to help build the business case, reinforcing the strategy and producing evidence) and scoping what might be required in business research commissioning. Action: MAS to extend next meeting to engage other stakeholders (employers, retail banks, Trade Unions) Action: Invite guest speakers for future meetings Action: Add discussion about case for survey / large scale data collection to next meeting agenda
5.
Workplace Action Plan
5.1
The group agreed that the action plan was owned by the steering group. It was felt some items would be group orientated with highlights on dependencies and later some RAG ratings that shows how dependencies impact on outcomes
Minutes WASG 20170210
34 35 36
2
5.2
The group felt the need to produce an action plan with a common approach. It was felt that the group needed to highlight specific ambitions for the Group to focus on, with the right balance of projects and priorities led on by MAS, organisations on the Steering Group and wider stakeholders.
5.3
The action plan will be published and progress measured against the plan with the aim that financial capability will become everyday practise within people’s workplaces.
5.5
The group discussed the need for driving up employer engagement, generating better and more action-focused evidence on how to effectively support employers and the need to identify and test practice. To see what is out there now that could be leveraged, the Group will prioritise engagement with organisations who self-identify as leading in the area.
5.6
to do the work and it was felt that there was scope for the group to give a clear steer on areas that they think are important.
5.7
The core functions of the group were identified as: -
Creating and maintaining the business case Pulling in and involving employers in the strategy Identifying research
Action: Group to be renamed Fincap in the workplace Steering Group. 6.
Strategy Update Paper
6.1
IC pointed the group towards the updated paper that had been circulated.
7.
Website Update Paper
7.1
MK-R explained that MAS are considering how to improve the effectiveness and user journey of the www.fincap.org.uk website and introduced some feedback questions for comment. [MAS have now started the discovery phase of this project and will now be conducting focussed interviews with various stakeholders. Action: Group members who would like to be involved in the project at this phase to contact IC
8.
38
39
Any Other Business There was no additional business.
Minutes WASG 20170210
3
Working-Age Steering Group Actions Log Ref 02
16
22
26 27 28 30 31 32
33
34
35
36
38 39
Action All steering group members who have not yet nominated deputies to do so MAS to circulate a call for updates to steering group members in advance of meetings. Investigate ways of proactively keeping the group updated on new information as it arises. Minutes to be published onto the Fincap Website MAS to keep the group informed of WWF projects Update Action Plan with actions and outputs Improve interaction with FinCap Board SG to agree research topics to recommend Members of the Working Age steering group who have not attended meetings recently to be contacted to ask if they still want to be part of the group. MAS to circulate list of all evidence referenced in the FAMR Employer Resource paper. SG members to feed in and contribute to ideas for the next steps in the employer resource work. MAS to extend next meeting to engage other stakeholders (employers, retail banks, unions) Invite guest speakers for future meetings Add discussion about case for survey / large scale data collection to next meeting agenda Group to be renamed Workplace Steering Group. MAS to circulate website questionnaire to members for completion
Minutes WASG 20170210
Owner Date due All
MAS
Ongoing
MAS
Ongoing
MAS
Ongoing
MAS
Ongoing
MAS
Ongoing
All
Ongoing
All
By Oct 2017
Update
See Action. 39
AM & MAS
IC
List of evidence sent 27/04/2017
All
End June 2017
IC
Before next meeting
IC/JE, AM, HG MAS
Before next meeting
Availability checked and room booked
MAS MAS / All
4
