(Bloomberg) -- HSBC Holdings Plc faces a warning from the U.K.’s advertising watchdog over greenwashing and being ordered to be more transparent over its contribution to climate change, the Financial Times reported.
The Advertising Standards Authority deemed the bank misled customers in two adverts published in October by selectively promoting green initiatives and leaving out information about its financing of companies with substantial emissions, the FT said, citing a draft recommendation it has seen.
The ASA is proposing ordering HSBC U.K. to “ensure that future marketing communications featuring environmental claims did not omit significant information about its contribution to greenhouse gas emissions,” the FT said.
The lender is responding to the draft recommendation that will then be examined by the watchdog’s council, the FT reported. The ASA declined to comment to the FT about the case and said that the outcome is not finalized.
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