When importing an image to use in UMG, it ends up light overbright

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When importing an image to use in UMG, it ends up light overbright like so. And it appears to ignore the different settings too. Is this a bug in 4.11.2? The source image was imported trying TGA, JPG, PNG, with and without alpha channels.

Have you tried unchecking the “sRGB” checkmark?