The Financial Service Authority, addressing potential problems with surrounding exchange-traded funds, expressed among other factors concerns about what these days is actually called an ETF, according to an article on the Financial Times.

Indeed, a majority of ETF issues stem from many products being labeled as an ETF, when many are actually securities that don’t offer the investor protections required by UCITS, Europe’s regulatory framework governing ETFs, FT said, citing a conference held last week in London by the FSA.

Stock-lending also looms as an example of conflicting interests in the ETF market, according to FT, which cited the FSA’s asset management sector team manager, Tony Hanlon. The ETF manager and lending agent may benefit from associate fees, all the while leaving investors in a fund exposed to all the downside risks, said the article.

Also mentioned was the concern about settlement delays building up on ETF trades—especially during times of high market stress, according to FT.

For the full story, go to FT.com.