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21/02/2018
 

BETTER FINANCE’s feedback on a Proposal for a Directive amending Directive (EU) 2016/97 on Insurance Distribution


BETTER FINANCE regrets this postponing of the date of application. In our view, the industry had plenty of time since February 2016 to prepare for this new legislative framework which provides for rather low-level/basic minimum standards for the insurance distribution.

Categories: positions, Insurance
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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
05/02/2018
 

BETTER FINANCE’s answer to the Call for Evidence on Potential product intervention measures on contracts for differences and binary options to retail clients


BETTTER FINANCE wishes to congratulate ESMA for quickly making use of its brand new (03/01/2018) product intervention powers granted by MiFID II to ban or restrict the distribution of toxic investment products to retail clients. As asked many times in the past by BETTER FINANCE , the ESAs are now eventually empowered with broader product intervention powers, no longer solely on the basis of financial risks and stability considerations but including the power to ban or put on hold the selling of financial products that are toxic or not suited for retail clients, and not only those supervised by ESMA.

Categories: positions, Investment
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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
30/01/2018
 

BETTER FINANCE response to the EC public consultation on institutional investors and asset managers' duties regarding sustainability


As part of the Paris agreement, the EU has taken ambitious steps for the transition to a sustainable European economy. BETTER FINANCE supports the integration of sustainability into the mandate of the European Supervisory Authorities (ESAs) in order to put pressure on the financial sector to address these issues. To this end, institutional investors and asset managers should therefore also consider sustainability factors in their investment decision-making such as environment, climate, social and governance factors but should also provide long term investment products. As underlined by the High-Level Expert Group on Sustainable finance, there is a “need to incorporate long-term and sustainable value creation… the financial industry and EU regulators must adjust their goals, metrics and disclosure requirements to the mostly long-term horizon of EU savers and investors”.

Categories: positions, Corporate Governance
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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
30/01/2018
 

BETTER FINANCE feedback on the review by the ESAs of Solvency II


BF agrees that divergence in the supervision and approval of internal models for Solvency Capital Requirement (SCR) leads to inconsistencies and can create both an uneven level playing field for market participants, and an inconsistent protection of EU citizens as insured persons. Actually, BETTER FINANCE believes that the use of “internal models” is an advantage given to the larger insurance institutions over smaller ones, and even more importantly is a barrier to a fair, clear and not misleading information to the customers, as it is almost impossible for them to evaluate those “internal models”.

Categories: positions, Insurance
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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
30/01/2018
 

BETTER FINANCE feedback on the EBA Relocation Proposal


BETTER FINANCE welcomes this opportunity to comment on the relocation of the European Banking Authority (EBA). Following the United Kingdom’s decision to leave the European Union by 30th March 2019, the General Affairs Council selected Paris as the new seat for the EBA. Currently, the EBA is almost entirely focused on regulatory issues, not on supervisory ones. Of further concern to EU citizens as users of banking services, the EBA has not been very active active in terms of retail user protection.

Categories: positions
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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 
20/12/2017
 

Request to the European Supervisory Authorities to report on the cost and past performance of the main categories of retail investment, insurance and pension products


Guillaume Prache, Managing director of BETTER FINANCE, was asked by EIOPA to contribute to the discussion on the request for the European Supervisory Authorities to report on the cost and past performance of the main categories of retail investment, insurance and pension products. He was the rapporteur of the recently adopted OPSG (EIOPA Occupational Pensions Stakeholder Group) position paper on this topic.

Categories: positions
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BETTER FINANCE
BETTER FINANCE
 
 
 
 
 

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