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Fund managers aren’t doing enough to combat greenwashing, a review by the U.K.’s Financial Conduct Authority (FCA) has found.

The regulator reported that, while most fund managers have made some effort to adhere to its expectations for the design, delivery and disclosure requirements for ESG and sustainable funds, work remains, particularly in terms of disclosure to retail investors.

Among other things, the regulator found funds that weren’t aligned with their ESG and sustainability goals; portfolio holdings that didn’t match funds’ ESG objectives or names; key information that wasn’t adequately explained or put into context for investors; and stewardship activities that weren’t clearly understood.

The review came ahead of the FCA finalizing its rules and guidance on fund labelling and sustainability disclosure requirements.

“The changes we are making to the regulatory regime through upcoming rules on labelling will help retail investors and consumers understand and be confident in knowing exactly what they are investing in,” said Camille Blackburn, director of wholesale buy-side with the FCA, in a release.

“Embedding the guiding principles and the good practice we have identified in our review will help firms to comply with proposed new requirements,” she said.

In a report detailing the results of the review, the FCA said it expects fund managers to “assess how they are meeting our rules and guidance in relation to their ESG and sustainable investment funds.”

It also stressed it expects them to identify risks of consumer harm stemming from the design, delivery and disclosure of their funds.