To coincide with Good Money Week 2016 starting on Sunday 30th October, a new report from Castlefield Advisory Partners claims that Tracker funds are financing activities that are damaging people and the planet, pumping hundreds of millions of pounds into tobacco and fossil fuel companies.

John Ditchfield, Partner at Castlefield, said: “Trackers might appear to be a cheap investment solution, but we are concerned that people may not be fully aware that they are financing damaging social and environmental activities and putting investors’ money at risk.”

“Automated robo-investors are pumping hundreds of millions in pension savings and other investments into businesses which individuals would not choose to support and may actively want to avoid, for example tobacco and heavily polluting fossil fuel companies.

“More than 70 countries have ratified the Paris Climate Agreement and it is about to come into force, but a large chunk of tracker capital is invested in coal, oil and gas, exposing investors to serious risk.”

A new Good Money Week survey from Triodos Bank, released alongside the Castlefield report highlights how worried consumers are about these findings.

• 60% believe people should avoid investments that negatively affect people, society and the environment;
• 47% would move their money if they found their investments conflicted with their values.
• Nearly half (47%) have no idea which companies and industries their money is supporting.
• Investors want transparency – 48%, think that it should be standard for banks and other financial advisors to make customers fully aware where their money is invested.

For more information on ethical money issues, please take a look at Good Money Week and  Castlefield Advisory Partners.

ENDS