Retail investments package

Background

This opinion is the response of the European Economic and Social Committee to the retail investments package, a proposal by the European Commission for updated EU legislation to ensure that the legal framework for retail investments sufficiently empowers consumers and boosts retail investors' trust and confidence to safely invest in their future.

The package comprises two elements. The first is an amendment to EU legislation on Union retail investor protection rules to ensure that Europeans can take more informed investment decisions that better correspond to their needs and objectives, and are adequately protected by a coherent regulatory framework across the EU.

The second element amends existing EU legislation on key information documents for packaged retail and insurance-based investment products (PRIIPs). These documents make it easier for investors to understand investment products and to compare different types of products.

Key points

The EESC:

• welcomes the explicit Commission statements that there are potential conflicts of interest in the sales and distribution models for investment products, and that therefore most consumers only have access to advisors who advise on the products that they sell;
• recommends developing "basic" products for the retail investment sector, along the lines of basic bank accounts and compulsory motor vehicle liability insurance;
• suggests establishing a minimum training requirement for sales intermediaries, including on sustainability, of at least 35 hours per year.

Link to full opinion

Additional information

EESC section responsible: Single Market, Production and Consumption (INT)

Opinion type: mandatory referral

Rapporteur:  Kęstutis Kupšys (Civil Society Organisations - LT)

Co-rapporteur: Wautier Robyns de Schneidauer

Date of adoption by section: 03/10/2023

Result of the vote: 55 votes in favour, with two abstentions

Date of adoption by plenary: 25/10/2023

Result of the vote: 208 votes in favour, two against, with 11 abstentions

Contacts

Press officer

Tel.: + 32 2 546 8422 | Mob: +32 475 99 94 32

email: daniela.marangoni@eesc.europa.eu

Policy officer

Tel.: +32 2 546 8438

email: Dalila.Bernard@eesc.europa.eu