Better Finance, the European federation of savers and users of financial services, strongly advised the EU Council to support the proposal to ban ‘kickbacks’ that are detrimental to retail investors, in a statement issued on Friday 18 November.
“Worryingly a ‘non-paper’ from the Presidency of the Council not only shamelessly ignores a straightforward ban, but actually aims to institutionalise a detrimental practice for ‘retail’ investors (payment for order flows, or PFOF)”,...