The FCA will be among the 13 international regulators so far taking part in the first-ever Greenwashing TechSprint that will launch on 5 June this year.
The TechSprint is hosted by the Global Financial Innovation Network, which is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers.
The number of investment products marketed as ‘green’ or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about ESG credentials damage confidence in these products and the FCA claims it wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have.
The FCA and the GFIN will be launching a virtual TechSprint, hosted on the FCA’s Digital Sandbox, to bring together international regulators, firms and innovators to address sustainable finance as a collective priority.
The FCA said the objective of the TechSprint is to develop a tool or solution that can help regulators and the market effectively tackle the risks of greenwashing in financial services.
UK-based firms can apply to take part from 17 April 2023. The application window will remain open for 4 weeks.
The TechSprint will launch on 5 June and will run for 3 months, ending with a showcase day in September 2023.
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