An investor trusting her savings to a fund manager, or an insurance company, has probably been attracted by the win-win narrative emerging from the data thus far (sustainable investing is good for the planet as well as for the investor’s wallet), but might well change her investment choices if conditions changed. In that case, the intermediary would have to follow its client’s guidelines.
Other options being considered are ways to make the permissible surcharge clearer, whether through establishing a fixed maximum or by establishing a more readily observable measure of acceptance costs. The capping of card interchange fees is also now a longstanding policy and, we think, a beneficial one. Nonetheless, it is important to ensure that it continues to meet its objectives.