The FCA will be among 13 international regulators so far taking part in the Global Financial Innovation Network (GFIN)’s first ever Greenwashing TechSprint. They have announced that they will be extending an invite to all UK-based firms interested in participating, to apply from 17 April 2023.
The GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers. We currently chair the GFIN’s Co-ordination Group, which sets the overall direction, strategy and annual work programme.
The number of investment products marketed as ‘green’ or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about Environmental Social and Governance (ESG) credentials damage confidence in these products and the FCA 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 therefore 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 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.
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To support the application process, the GFIN has provided an information pack for firms interested in participating in the TechSprint. Firms that are successful in their application will proceed to on-boarding which will take place 1-2 June. This will provide firms with training on the Digital Sandbox and an in-depth overview of the TechSprint process. The TechSprint will launch on 5 June and will run for three months, ending with a showcase day in September 2023.