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17.04.2018 13:01 Age: 187 days
Category: Press Releases

‘NEW DEAL FOR CONSUMERS’ – AN IMPORTANT BREAKTHROUGH FOR MANY FINANCIAL SERVICES USERS BUT NOT FOR EU CITIZENS AS INDIVIDUAL SHAREHOLDERS


Many financial services providers already operate across borders in different Member States. Like for other sectors, the case for EU-wide collective redress for financial services is clear and in the interest of EU citizens as retail investors and pension savers. Over the years there have been numerous mis-selling scandals in the financial services industry that have harmed individual investors. In many of these cases the lack of collective redress mechanisms prevented victims from seeking compensation for losses and damages suffered. Consequently, consumers and investors have lost confidence in financial services and their providers which is clearly reflected in the EC Consumer Markets Scoreboard where “retail” financial services are ranked as one of the worst consumer markets in the entire EU.

In response the European Commission now decided to beef up the EU consumer law and published proposals to introduce a limited collective compensation mechanism (collective redress) across the EU that would cover financial services. BETTER FINANCE welcomes the Commission’s proposal since it has long advocated  for an EU-wide collective redress mechanism for all financial services users such as savers, retail investors, life insurance policy holders, pension fund participants, small and individual shareholders or employee shareholders.

Read the full Press Release here.


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