UK Watchdog 'Must Stop Funds Misleading Green Investors'

Law360, London (November 4, 2019, 1:04 PM GMT) -- The financial regulator must prevent investment firms from misleading the growing number of socially conscious investors by funneling their money into tobacco, alcohol and gambling companies, a wealth manager said Monday.

SCM Direct said the Financial Conduct Authority must ensure that environmental, social and governance investments offered by fund managers are genuine and transparent. The London-based wealth manager said it found that investment companies are improperly classifying some assets as sustainable, a practice known as greenwashing.

SCM Direct — which is run by founder Alan Miller and his wife Gina Miller, an anti-Brexit campaigner whose fight went to the Supreme Court...

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