On 11 April 2023, the FCA announced that it would be leading the Global Financial Innovation Network (GFIN)’s first ever virtual Greenwashing TechSprint. The TechSprint will be hosted on the FCA’s Digital Sandbox and aims to bring together international regulators, firms and innovators to address sustainable finance as a collective priority. UK-based firms are invited 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. The GFIN’s Co-ordination Group, which sets the overall direction, strategy and annual work programme, is currently chaired by the FCA.
In light of the growing number of investment products marketed as ‘green’ or making wider sustainability claims, the FCA wishes to ensure consumers and firms can trust that products have the sustainability characteristics they claim to have. 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.
There are currently 13 international regulators that have signed up to participate in the TechSprint.
The application window for interested UK-based firms will remain open for 4 weeks, closing on 21 May 2023. On-boarding for successful firms will take place on 1-2 June 2023 and will provide training on the Digital Sandbox and an in-depth overview of the TechSprint process. The TechSprint will launch on 5 June 2023 and will run for 3 months, ending with a showcase day in September 2023.