Find out more about the first Global Financial Innovation Network (GFIN) Greenwashing TechSprint Showcase day, hosted by us on 20 September 2023.
Firms and regulators taking part showcased their potential solutions to a panel of judges, made up of of industry experts, professionals, and innovators.
The 13 firms and 15 regulators have been working together for 3 months, using the permanent Digital Sandbox[2] to develop a tool or solution that could help regulators, or the market, more effectively tackle or mitigate the risks of greenwashing in financial services.
See the winners, and a summary of their solutions, on the GFIN website[3].
Next steps
The firms and regulators which took part will retain their access to the FCA Digital Sandbox to keep iterating and collaborating on their solutions.
Why GFIN identified this problem area
As the demand for Environment, Social and Governance (ESG) related products and services continues to grow, so does the risk of financial services firms potentially overstating their sustainability credentials to attract and retain customers and investors.
This ‘greenwashing’ is a form of mis-selling, which may be deliberate or inadvertent.
In protecting against greenwashing, we want to ensure consumers have access to ‘green’ or sustainable financial products and services that meet their needs.