There are concerns of "green-washing" - where managers claim to be investing money in ethically and socially responsible ways to attract clients but have limited points of difference. Last week, Kiwi Wealth chief investment officer Simon O'Grady said he was concerned that some funds were doing clients a disservice with blanket exclusions.

Adviser Nigel Tate said very few “responsible” funds were as responsible as they claimed to be. “They do as much as they can but at the end of the day if you don’t want to invest in tobacco you can’t even invest in a bank.”

He said a certification system would be helpful to measure funds against.

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