BETTER FINANCE welcomes and supports EIOPA’s ongoing work on a supervisory toolkit to assess the value for money offered by unit linked and hybrid insurance products. Since its creation, BETTER FINANCE has been fighting for regulatory and supervisory action to improve the returns of long-term and pension saving products. As BETTER FINANCE research shows, high
BETTER FINANCE strongly supports the intention to provide consumers with a clear and comprehensive view of their insurance policies, simplifying understanding and enabling easy product comparisons. BETTER FINANCE, however, has long called authorities themselves to centralize insurance/investment product information in order to enable (EU-wide) comparability tools. More generally, we also warn against the privatisation of
BETTER FINANCE welcomes the horizontal and vertical dimensions represented in the objectives of the taxonomy. Furthermore, we would like to suggest expanding the horizontal dimension based on the promotion of gender equality which should not be based only on the gender pay gap but also on freedom of expression, assembly, etc.
This consultation, divided in two parts, addresses first the functioning of the ESG ratings market, its potential shortcomings, and the need for EU intervention. Second, it aims to inform the Commission on possible shortcomings in relation to the consideration of sustainability factors in credit ratings; on disclosures made by Credit Rating Agencies; and on the
Individual, non-professional (“retail”) investors are significantly interested in sustainable investments and by extension rely not only on more data on climate or sustainability-related risks and opportunities, but also on more comparable, and comprehensible data in order to understand the risks and opportunities entities are exposed to.
BETTER FINANCE supports the newly suggested mandatory social indicators under the Sustainable Finance Disclosure Regulation (SFDR), which aim to measure principal adverse impacts (PAI).
BETTER FINANCE agrees with ESMA that names can be misleading if those funds do not invest in line with what their names would suggest.
The EU’s legislation in the fields of climate, energy and economic activities linked to greenhouse gas emissions needs to also take into consideration latest technological advancements and the way climate action can be incentivised for all.
Retail investors are increasingly concerned about the impact of their investment decisions on society and the environment. In recent years, European Union (EU) institutions have amended the legislation regarding the distribution of retail investment products by investment firms–the Markets in Financial Instruments Directive (MiFID II)–and related delegated legislation and guidelines to define how investment firms
The exposure of retail investors to crypto-assets has increased globally, leading to greater retail investor losses due to financial crime, fraud, money laundering, and under-regulated activities in the crypto-asset market. To address these challenges, BETTER FINANCE welcomes the policy recommendations for crypto and digital asset markets proposed by IOSCO. These recommendations aim to ensure a
EU Ombudsman Emily O’Reilly is demanding more transparency on so-called expert groups that help frame future EU proposals through, for instance, the publishing of the minutes of meetings as well as positions advanced by individual members. O’Reilly had launched her own inquiry in May 2014 following broad concerns over how the experts were appointed, the
On 14 September 2011, BETTER FINANCE (then “EuroInvestors”) and BEUC (the European Consumer Organization) filed complaints with the European Ombudsman against the nominations of the members of the Stakeholder Groups set up by the European Banking Authority (EBA) and by the European Insurance and Occupational Pensions Authority (EIOPA). In December 2013 the European Ombudsman, after careful analysis of
Whilst the ECB is moving ahead with AnaCredit (Analytical Credit Dataset), a European credit data registry, Sven Giegold, MEP, filed a complaint with the Ombudsman. The project would require banks to report data on all loans in excess of EUR 25 000 to the central bank. Supported by more than 900 board members of German
The European Ombudsman, Emily O’Reilly, made proposals to strengthen the role European Citizens’ Initiatives (ECIs) play in democratic political debate at the European level. Among the recommendations are better guidance for ECI organisers, a stronger involvement of the European Parliament and the Council and increased pressure on the Member States to make sure that all
The European Ombudsman Emily O’Reilly has urged the European Commission to pay more attention to its senior officials quitting their jobs to pursue a career in the private sector – a practice very likely to lead to a conflict of interest. The Ombudsman’s attention was drawn to the “revolving door” issue following complaints by five NGOs.
The European Ombudsam asked the Council and Commission to publish the EU negotiating directives for the on-going TTIP negotiations with the US. Acknowledging that civil society is rightly concerned about key documents not being disclosed, about delays and about the alleged granting of privileged access to TTIP documents to certain stakeholders, Emily O’Reilly proposes a range of practical measures to the Commission and advises to make certain TTIP
BETTER FINANCE welcomes the Ombudsman’s consultation and her recognition of the importance of the composition of expert groups for ensuring a balanced policy making process. The past years have shown that input into the policymaking process by users of financial services is essential for restoring and maintaining a stable, reliable and inclusive financial system, as
With the termination of the intra-EU bilateral investment treaties (BITs) in 2020 – which received significant criticism for overlapping with the EU single market rules – the EC launched an initiative to improve the investor protection and facilitation framework at EU level. This initiative was reiterated in the new Capital Markets Union (CMU) Action Plan
The European Commission has rejected BETTER FINANCE’s application to join their ‘Group of Experts on removing tax problems facing individuals who are active across borders within the EU’, the successor to the previous Expert Group on the Taxation of Savings of DG TAXUD. The EC’s DG Taxation did not provide any explanations for the rejection