Environment secretary Margaret Beckett has announced £50,000 government sponsorship for the development of guidance on corporate social responsibility.

The guidelines will cover social, environmental and ethical issues that affect the financial services sector. Examples include human rights, bribery and corruption, diversity and equal opportunities and access to financial services.

Forum Response: Association of British Insurers

A spokesman for the Association of British Insurers told ePolitix.com: "Corporate Social Responsibility is rising up the agenda in the financial services sector and we welcome this opportunity for companies to develop best practice."

Forum Response: British Bankers Association

Simon Pitkeathley, director of communications, at the British Bankers Association, told ePolitix.com: "Financial services companies have been at the forefront of developing corporate social responsibility practice, and we are therefore delighted to be associated with this new initiative.

"Banks and other companies in the sector are now very well aware of the emphasis that needs to be put on consulting and involving stakeholders, including employees, customers and local communities and I am sure that these guidelines will help to continue to raise standards across our sector."