Reference Case Number: FOI9348
Freedom of Information: Right to know request:
1. The number of investigations currently underway by the FCA into greenwashing, ESG misselling or other regulatory breaches involving ESG.
1a. The number of these investigations where the subject is i) an asset manager ii) an asset owner or pension fund iii) a service provider iv) any other financial institution (please specify the type where possible).
2. The number of previous investigations into the above where the FCA has investigated and found no wrongdoing.
3. The number of FCA staff assigned to these investigations, or to investigating ESG-related complaints more broadly.
FCA response:
Questions 1 and 2
The ESG Sourcebook[1] came into force on 1 January 2022. In particular ESG 2.1.1 onwards prescribe the applicability and timing of the reporting, with the first cycle was due on 30 June 2022. Whilst we have not yet brought any cases for breaches related to the FCA ESG Sourcebook rules through enforcement, we are actively monitoring the markets for signs of greenwashing (e.g. misleading marketing around sustainability-related funds) and will take action, including undertaking enforcement cases, as appropriate.
Our asset manager supervisors have visited a number of authorised fund managers to further understand their approaches to implementing ESG strategies and will give individual firms feedback to ensure they meet our expectations. We have also already engaged in dialogue with a small number of firms resulting in, amongst other things, updates to fund and website disclosures.
Question 3
As there are no investigations, no colleagues have been assigned to investigate ESG related complaints.