Petition calls on Government to donate first £100mn in annual FCA fines to hospice sector
Melanie May | 21 May 2024 | News
Not for profit energy consultancy Box Power CIC has launched a petition urging the Government to donate the first £100 million in annual Financial Conduct Authority (FCA) fines solely to the hospice sector.
The petition requires 100,000 signatories to ensure it is debated in Parliament and Box Power CIC are encouraging as many people as possible to sign to help the hospice sector gain extra funding.
Hospices that have already signed include Hope House and Tŷ Gobaith across Shropshire, Cheshire, Powys and North Wales, Hospice at Home West Cumbria and Hospice at Home Carlisle and North Lakeland.
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Corin Dalby, CEO of Box Power, commented:
“As a supporter of several hospices, it is heart-breaking to see many who have invested time and fundraising to keep hospices open struggle to cover the basic operating costs.
“Some have tirelessly fundraised to build precious rooms left empty because they cannot fund them due to cost constraints, placing added burden on donations. It is shocking, despite the reality that a well-funded hospice sector would ease the pressure on NHS and social care, hospices only receive between 20-33% of state funding.
“There are hundreds of millions in annual FCA fines which go into the government pot and generally as a result of an injustice to the UK people who may benefit from the services offered by hospices, there is no better way to complete the circle by allocating these funds to the UK hospice sector.”
FCA fines can be substantial with many millions raised through these financial penalties in a year: in 2022, Santander for example was issued a financial penalty of almost £107 million while TSB Bank was fined £29.75 million. Last year saw ED&F Man Capital Markets fined over £17mn, and Equifax over £11mn.
FCA fines go to the Treasury, and then to the funding of public services. A story in the FT Adviser last July found that no money had been directed to charities in recent years, with the last record found being for LIBOR funds in 2015. This saw £3mn go to Royal Navy-related causes and followed a 2014 announcement by then Chancellor George Osborne that all proceeds from LIBOR fines would be spent during that parliament on military and blue light causes.
Editor’s note – 9 October 2024
The petition’s link was amended from
petition.parliament.uk/petitions/661755
to
www.change.org/boxpower100mll
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.