The UK’s financial services sector is not doing enough to promote philanthropic giving among their clients, a report is warning.

Currently philanthropy services are “a ragged patchwork” of support, restricted to the super wealthy and “failing to meet growing demand” for giving particularly among younger people, says the report from think tank Pro Bono Economics.

It is calling on the Financial Conduct Authority to take action including adding philanthropy to required training for financial advisors.

“Making philanthropy services more widely available would benefit clients, firms, the competitiveness of the financial services sector and society at large,” said the think tank.

Contributing to the report is the views of 25 philanthropy experts, financial advisors, and philanthropists.

The report says that among financial advisers there is a “passive resistance” to “helping their clients to give their money away”.

High street bank practice needs to change, added the think tank, warning that philanthropy services for firms including HSBC and Barclays are restricted to their private banking arms. And when offered often only one or two philanthropy specialists are employed.

Financial services firms who have emerged as leaders on philanthropy support include international wealth management companies including UBS and JP Morgan and “elite private banks”.

“Over the past decade, the demand for informed philanthropy advice has grown significantly and will continue to grow as new generations of wealth put increasing emphasis on purpose,” said Pro Bono Economics director of policy and communications Nicole Sykes.

“As it stands, the UK financial sector is failing to meet that growing demand.

“A gulf in philanthropy knowledge among financial advisers means the sector is missing a huge opportunity to provide services that will benefit clients, firms, the competitiveness of the sector globally and society at large.

“It is clear the change that is required will simply not happen without action from the regulator.”

Pro Bono Economics’ report highlight a study in the US that found that firms who offer clients charitable planning services have three times the median organic growth of those that do not. In addition, three quarters of wealth advisers said discussing philanthropy with clients was “an excellent way to deepen relationships”.

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