Make My Money Matter has written to the Financial Conduct Authority (FCA), Competition and Markets Authority (CMA) and Advertising Standards Authority (ASA), calling for an investigation into greenwashing at the largest UK high street banks.
In light of the FCA’s new anti-greenwashing rule and guidance, and existing CMA and ASA guidance on sustainability claims, Make My Money Matter asked regulators to review financing and communications and transparency at Barclays, HSBC, Santander, NatWest and Lloyds.
The letter calls for the FCA to review the mismatch between banks’ promotion of climate statements and 1.5 degree alignment with their real-world activity. It also urged an investigation into the imagery and prominence of climate and sustainability in brand assets, which contrasts with a lack of transparency around unsustainable activity and potentially misleads the public.
Tony Burdon, chief executive of Make My Money Matter, said: “Our five largest high street banks all financed companies involved in fossil fuel expansion in 2023, the hottest year on record.
“Their climate and sustainability statements create a situation where the public believes them to be more sustainable than they actually are. We look forward to hearing whether the regulators agree and what next steps they may take.”
