We announced a package of measures a year ago to improve trust in and transparency of sustainable investment products.  

We know many consumers care about investing in products that have a positive impact on the planet and people. Results from our Financial Lives survey show that 81% of adults would like their investments to do some good as well as provide a financial return. But research also showed that investors weren't confident that sustainability-related claims made about investments were genuine. 

That's why the new rules were designed not only to protect consumers by helping them make more informed decisions, but also to improve trust in the market. This trust is key to maintaining the UK's position at the forefront of sustainable finance investment and supporting the long-term growth and competitiveness of the sector.  

The measures we introduced included:

·4 product labels to help investors understand what their money is being used for, based on clear sustainability goals, outcomes and criteria.

·Naming and marketing requirements so products cannot be described as having a positive impact on sustainability when they don't.

·An anti-greenwashing rule for all authorised firms to make sure sustainability-related claims are fair, clear and not misleading. 

The regime raises the bar for industry and is intended to be a long-term change. We consulted widely with industry before bringing it in. We also consulted with other regulators around the world who are solving similar problems. 

Sustainable finance is a new and dynamic area, so we have built in flexibility for firms. The regime enables companies to take different approaches, as long as they maintain robust standards and are clear and transparent about how they do things. As we were developing the rules, I met with many fund managers. These discussions confirmed that a non-prescriptive approach, aligned internationally, was the right way to go. 

But flexibility also means there is more scope for interpretation, and we appreciate that can cause uncertainty. To help firms manage this uncertainty while maintaining consistently high standards, we have provided extensive support. We've had dozens of meetings, webinars and pre-application calls with firms thinking about using labels. We have set out examples across a selection of labels to showcase how applicants can meet the requirements. This week, we added further examples.  

It's still early days for the regime. We recognise that changes to fund managers' investment approaches require significant effort and will take time to phase in. But we are now seeing more and more funds adopting the labels. Others have decided not to and that's ok. We have always acknowledged that some firms might not want to use sustainability labels.   

The labels aren't the end of the story. The naming and marketing requirements we introduced mean that many firms have changed the description of their funds, so consumers are benefitting from more accurate information.  

The measures we introduced are helping to ensure the market is built on solid foundations. And our work to support sustainable finance doesn't stop there. The Chancellor's recent Mansion House speech set out the Government's ambition to make the UK a global leader in sustainable finance. We are playing our part and will be regulating ESG rating providers. It’s another important piece of the sustainable finance jigsaw, where greater transparency will mitigate the risk of greenwashing. 

And let's not forget our international work, where we are instrumental in creating a global language for sustainability. We operate in global markets, so we talk to regulators around the world to share our experience and promote consistency.  

With a market we can trust in, we hope to see strong consumer demand that fuels growth in sustainable investment products. In that way, we can all play our part in supporting more sustainable economic growth that benefits everyone.