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To switch to an ethical bank, choose a current account whose published policies match your priorities, then ask the new provider to move your eligible payments—ideally through the UK Current Account Switch Service (CASS). To change an investment fund, contact the providers separately: CASS does not move ISAs, pensions, or investments. In either case, check the provider’s evidence and the specific terms rather than relying on an “ethical” or “sustainable” label alone.
Decide what “ethical” means for you
There is no single definition that fits every saver or investor. First identify the issues that matter to you and what evidence you expect to see. Priorities might include climate, labour standards, human rights, weapons, or corporate governance.
Then assess the provider’s actual policies and disclosures. A bank’s ethical positioning is a claim to verify, not proof of how it uses deposits or conducts business. CASS moves eligible payments; it does not compare banks or certify their ethics. Review the bank’s published policy, lending or investment approach where available, ownership and governance, and current account terms.
How to switch a UK current account
CASS is a free service for eligible regular current accounts at participating providers. Its stated process takes seven working days. It can move Direct Debits, standing orders, salary payments and incoming payments, and redirects payments sent to the old account after the switch. Check the CASS service details and guarantee, and confirm both providers participate before relying on it.
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- Choose your priorities and shortlist providers. Check each bank’s current ethical policies alongside eligibility, fees, cash access, overdraft needs, joint-account arrangements and payment methods. Compare account terms directly with the providers.
- Confirm the account will work for you. Make sure the new provider accepts you and offers the access and features you rely on before starting a switch.
- Open the new account and request the switch through the new provider. Ask whether both the old and new providers participate in CASS. The service is free; its stated guaranteed process duration is seven working days.
- Keep the switch details and check the new account. Record the switch date and review payments after the move. Under the CASS guarantee, charges or interest incurred because of a switching problem will be refunded; any compensation beyond that refund is decided by the new bank.
- Move other products separately. Contact the relevant providers about savings accounts, ISAs, non-sterling payment accounts and investments. CASS does not switch savings accounts or ISAs.
How to assess an ethical or sustainable fund
Start with the outcome you want. Excluding certain activities, encouraging companies to improve through engagement, and seeking measurable social or environmental impact are different approaches. A fund can combine objectives, but its name or use of “ESG” does not establish that its holdings fit your priorities.
Read the objective, policy and holdings
Compare the fund’s stated objective and investment policy with your priorities. Check what it holds, how the manager engages with companies, and whether the fund explains escalation when engagement does not work. Also review its key performance indicators (KPIs), governance, fees, risk, diversification and performance disclosures. Use current, dated documents: holdings and policies can change.
Understand the four UK sustainability labels
The Financial Conduct Authority (FCA) has four labels for eligible investment products. They describe different aims, not a universal ranking:
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| FCA label | What it describes |
|---|---|
| Sustainability Focus | Invests mainly in assets that are environmentally or socially sustainable. |
| Sustainability Improvers | Invests mainly in assets with potential to improve their sustainability over time. |
| Sustainability Impact | Aims to achieve positive, measurable environmental or social outcomes. |
| Sustainability Mixed Goals | Combines two or more of the other label objectives. |
For an in-scope product using a label, the FCA’s criteria include a clear, specific and measurable sustainability objective; at least 70% of assets aligned with that objective under a robust, evidence-based standard; KPIs; appropriate resources and governance; and a stewardship strategy with an escalation plan. See the FCA’s label criteria for details.
Check what a label does—and does not—tell you
Using a label is voluntary for funds that meet the criteria. The FCA oversees the regime but does not approve or endorse a fund’s use of a label. Some funds make sustainability claims without a label, either because they do not meet the label criteria or because they are outside the regime. Read the fund’s consumer-facing disclosure and its explanation for not using a label. The FCA says sustainability-related claims by regulated firms must be fair, clear and not misleading; its consumer guidance on labels and greenwashing explains how to interpret claims.
Coverage depends on the product. The regime applies to specified in-scope funds, including UK UCITS and UK AIFs; overseas-domiciled funds using sustainability terms are not automatically subject to it, and distributors must communicate when such funds are outside the UK regime. Some pension funds and other fund types may also be out of scope. Check the fund’s domicile, legal structure, account wrapper and applicable disclosures rather than assuming that a sustainability term in its name means the FCA label rules apply. The FCA’s SDR regime overview describes the scope and distributor obligations.
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Plan an investment transfer separately
Do not treat a fund move like a current-account switch. Transfer times, exit fees, tax outcomes and the ability to transfer holdings without selling them are not universal; they depend on the providers, investment and account wrapper. Before giving transfer instructions, ask both providers:
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- Can the holding move without being sold, or would it need to be sold and repurchased?
- What fees, dealing restrictions or time out of the market could apply?
- What are the consequences for this ISA, pension or other wrapper?
- What information and documents are needed, and when will the transfer be considered complete?
For a pension or a complex investment decision, consider speaking to a regulated financial adviser. A change in fund does not guarantee a greater positive impact or better returns.
Compare providers without assuming one is best for everyone
Use these checks to compare options against your own requirements; they are comparison criteria, not a ranking.
- For a bank: published ethical policy and supporting evidence; eligibility, fees and everyday access; provider status and protections, checked independently; and CASS participation and switch support.
- For a fund: objective and approach (exclusion, improvement and engagement, impact, or mixed); holdings and evidence of alignment; fees and dealing or transfer costs; risk and diversification; disclosure quality and any applicable FCA label; and fit with the ISA, pension or other account wrapper.
A fund may match one ethical priority more closely while carrying different costs or investment risks. Provider terms and ethical policies can change, so check their latest documents before making a move.
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