The failure of the European exchange traded fund business to present a unified front against regulatory and media criticism is slowing the industry’s growth, according to a report Tuesday.

Manooj Mistry, head of ETF structuring at Deutsche Bank which owns the ETF business db x-trackers, said the European ETF industry should be growing much faster, the Financial Times reports.

Speaking at the Inside ETFs conference in Amsterdam on Tuesday, Mistry said concerns raised by regulators and echoed in the media had caused damage to the reputation of ETFs, according to the report. [What Regulators are Looking at in ETFs]

“Competition between providers is good and healthy but when it starts to affect overall market development, then it is time for a re-think,” he said. [Why Investors Need More ETF Education]

Earlier this year, the European Securities and Markets Authority proposed new regulations for ETFs. [European Regulator Proposes ETF Rules]

In particular, European regulators are taking a greater interest in complex “synthetic” and leveraged ETFs using derivatives they fear might not be fully understood by investors.

Mistry said there has been no failure of any ETF in Europe, but called on providers “to work together to improve liquidity, settlement processes and trading and ownership costs and said that speaking with one voice would aid progress for the industry,” the FT reported.

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