In a report titled Climate Conduct & Financial Services: Tomorrow’s Mis-selling Scandal?, the investment firm warned that “the potential risk of mis-selling cannot be understated as firms look to enhance perceptions of their environmental credentials and products,” and raised past mis-selling scandals such as the Volkswagen ‘dieselgate’ and UK Green Deal as examples not to be repeated.

The amped-up concern runs parallel to any market experiencing explosive growth.

Boring Money’s review found investors and advisors alike wanting more details about a fund’s credentials in order to have fruitful conversations.

“Appetite for positive global change has not diminished but trust in the sector to be the agents of this change has fallen as consumers struggle to find the proof points they require,” Boring Money CEO, Holly Mackay, said.

The  report, based on a survey of more than 4,000 UK adults, 1,500 retail investors, and roughly 200 financial advisors, revealed that a third of advisors feel that current ESG communications from fund managers are falling short of supporting their client conversations.

Mackay added: “The sector needs to put more effort, resource and time into thinking about how to communicate ESG credentials to clients. Simply using the same old broken factsheet template isn’t helping anyone. Lengthy annual PDFs are a good start but are too hard to find and digest for the majority.”