Since March, BETTER FINANCE has been contacting all European political parties and MEPs to explore their respective positions on the protection of consumers in the financial services sector. On Wednesday, 15 May, it presented results showing very variable interest.
Overall, the organisation believes that European policy makers have continued in recent years to focus on financial stability, too often at the expense of consumer protection. It therefore sent a questionnaire to MEPs asking them if they support the organization's key priorities for the next Parliament.
The questionnaire also includes about ten technical questions on concrete proposals to make investment products more transparent and comparable, to improve access to simple products or to improve investor participation in policy development, explained BETTER FINANCE's Managing Director, Guillaume Prache, during the presentation of the results to the press.
The Movement for a Europe of Nations and Freedom (ENF), the Europe of Freedom and Direct Democracy (EFDD), but also the European People's Party (EPP) and the Alliance of Liberals and Democrats for Europe (ALDE) did not answer the questionnaire, the organisation explained.
ALDE and ENF informed BETTER FINANCE of differences on these issues within their groups and also highlighted the complexity and technical nature of the questions asked.
As for the EPP, the organisation finally received a letter on Tuesday evening, May 14, taking note of the questionnaire, but without providing an answer, said Guillaume Prache. Only one EPP MEP from the European Parliament group, Sirpa Pietikaïnen from Finland, replied to the questionnaire, approving all BETTER FINANCE's proposals, he said.
The Party of the European Left and the Party of European Socialists (PES) responded in favour of all the organisation's proposals. The European Green Party (EGP) also agreed with all but one of the proposals, namely to “improve transparency on performance and fees of all investment products (...) by urgently reviewing the PRIIPS Regulations to reinstate the comparable disclosure of long term past performances relative to the benchmarks of the providers, eliminating the unreliable future scenarios”.
On the side of the Alliance of Conservatives and Reformists in Europe (ACRE), support is more nuanced. MEPs supported part of the organisation's proposed action in terms of transparency and competitiveness, but do not want, for example, an independent tool for comparing financial products across the EU, a European eco-label or a class action mechanism for users of financial services.
“The uneven interest demonstrated by EU politicians shows that the extent of the detriment to citizens as savers and financial services users is still underestimated, if not ignored, by some”, said Guillaume Prache. (Original version in French by Marion Fontana)