On Tuesday 10 September, the European federation of investors and users of financial services, Better Finance, called for greater regulatory clarity, consumer-focused digital innovation and enhanced investor protection to maximise the potential of the reports published by Enrico Letta (see EUROPE 13393/3) and Mario Draghi (see EUROPE 13478/1).
“The initiatives presented by Enrico Letta and Mario Draghi, alongside the EU’s Capital Markets Union (CMU) revival, represent significant steps towards mobilising household savings [estimated at €33.5 trillion] for economic growth”, said Alexandra Mączyńska, CEO of Better Finance, in a statement on Tuesday.
However, according to the federation, key adjustments are needed to meet the expectations of small investors.
Better Finance highlights the lack of independent financial advice in Mr Letta’s proposal for a new EU retail investment product (see EUROPE 13393/3) and the lack of focus on the Capital Markets Union (see EUROPE 13478/17) in Mr Draghi’s report.
“While the CMU is essential for mobilising European savings and fostering long-term growth, Draghi’s analysis falls short in exploring how it could reduce fragmentation and improve access for retail investors”, argues Better Finance. (Original version in French by Bernard Denuit)