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16 February 2021 – José F. Estévez, Managing Partner of CREMADES & CALVO-SOTELO ABOGADOS, has been appointed as a member of the European Securities and Markets Authority (ESMA) Corporate Finance Standing Committee Consultative Working Group (CWG). ESMA is an independent authority of the European Union (EU) that contributes to safeguarding the stability of the EU

Financial Times: Spain’s banking sector suffered an unexpected blow on Wednesday when the European Court of Justice ordered lenders to hand back to their clients all the money they made on “unfair” mortgage floor clauses. […] Floor clauses in effect impose a minimum interest rate on floating-rate mortgages by setting a limit on how far

BETTER FINANCE’s Spanish member organisation ADICAE is celebrating a historic victory against 101 banks in what has been the biggest class action Spain has ever seen. In this class action suit on behalf of 15.000 mortgage borrowers, a Madrid commercial court deemed that the fixed minimum rate mortgages in question lacked in transparency and declared

Three Spanish newspapers (Invertia, Expansion and El Pais) report that BETTER FINANCE and the German investor association DSW, one of our member organisations are looking into some possibilities to take legal proceedings at the European level against VW the German manufacturer. Read the full articles here. (in Spanish)  – Invertia – Expansion – El pais

AEMEC has brought together a large group of minority shareholders, supported by Cartesian Capital Group, to take control of the Spanish fishing and fish processing company PESCANOVA, Galicia, presently in bankruptcy proceedings. It is the first time in its history that AEMEC undertakes such an attempt. PESCANOVA, founded in 1960, is a market leader in

The New York Times has released a video on the “preferentes” case, a huge fraud where hundreds of thousands Spanish savers have suffered massive losses,  and portraying the organization of collective actions by ADICAE, a Spanish member of EuroFinUse. To watch the video click here

"Barriers to Shareholder Engagement – A report on cross-border voting" was mentioned in a Spanish article in El Pais. The article focus on shareholders’ participation in companies in Spain and the barriers investors have to face which continue to make cross-border voting a challenge: "Costs, logistics or different requirements and national standards make it particularly difficult for individual shareholders

Two of BETTER FINANCE’s members, Manuel Pardos Vicente and Fernando Herrero Sáez de Eguilaz from ADICAE, were nominated on the 4th of March as candidates to the National Commission on Market Values in Spain, the regulatory body of the Spanish stock market. The Comisión Nacional del Mercado de Valores (CNMV) is the agency in charge

BETTER FINANCE’s Spanish member organisation ADICAE is celebrating a historic victory against 101 banks in what has been the biggest class action Spain has ever seen.

On Thursday 13 April Ferrovial, the Spanish construction group, announced that its shareholders have approved a plan to relocate its holding company to the Netherlands through a reverse merger with its Dutch subsidiary Ferrovial International SE (FISE). The decision was made during Ferrovial’s Annual General Meeting (AGM). This strategic move aims to facilitate future listings

On 23 March, MEPs Isabel Benjumea and Stéphanie Yon-Courtin addressed the Global Money Week webinar on “Investor Education in times of High Inflation, Financial Repression & Market Volatility” jointly organised by BETTER FINANCE and EFAMA. Please find their respective full speeches below. Excerpts: Isabel Benjumea: “Investor education is a key tool for the completion of

BETTER FINANCE wishes to stress that providing EU citizens with a really safe PEPP is critical for their future pension adequacy. However, despite BETTER FINANCE’s repeated warnings and meetings with representatives of the EU citizens at the Parliament, the ECON committee today decided to adopt a capital “protection” scam for the “basic PEPP” which is

BETTER FINANCE wishes to stress that providing EU citizens with a really safe PEPP is critical for their future pension adequacy. It is happy to see that the MEPs approved some of the improvements for pension savers it has been supporting, such as: the collective redress provision, the right for independent saver associations to subscribe

BETTER FINANCE of course shares the view of MEP Sven Giegold that financial markets must serve consumers and end-users, and welcomes the European Parliament’s ECON Committee focus on the mis-selling of financial products. BETTER FINANCE experiences that the mis-selling of saving and investment products is a major issue of enforcement and supervision as several key

European parliamentarians have been urged not to back any draft of the revised IORP Directive requiring full funding of pension fund liabilities; ahead of a crucial vote to decide the chamber’s final negotiating position. The call comes ahead of a vote by the European Parliament’s Economic and Monetary Affairs Committee (ECON), which is set to

EuroFinUse is very pleased that MEP Pervenche Beres’ amendments on PRIPs match our demands in relation to the inclusion of shares and bonds and other bank savings products, life insurance products as well as the disclosure of inducements paid by the provider to the seller. Press Release

In a letter of protest to the EU’s Greek Presidency, the Economic and Monetary Affairs Committee (ECON) Members of the European Parliament from the EPP, S&D, ALDE and GUE/NGL challenged the agreement reached on late December by EU finance ministers that would establish a common €55 billion single resolution fund to rescue ailing banks. As

A recent conference on the role of the asset management was held at the European Parliament. Politicians and consumer rights groups offered analysis on the added value active managed funds offer investors. Sven Giegold, a Green MEP, suggested that asset management companies have over charged investors and failed to offer investors value. The consensus of

On Wednesday, September 14, the packaged retail and insurance-based investment products (PRIIPs) draft legislation, was rejected overwhelmingly by MEPs. PRIIPs was developed to help investors but MEPs declared that the draft legislation was “flawed and misleading”. PRIIPs will now be sent back for revision at the EU Commission.   Whereas this delay is bad news

On September 23 MEPs from the Parliament’s Economic and Monetary Affairs Committee met together with European Central Bank President Mario Draghi to debate the EU’s current priorities on the financial agenda including the banking union. Up for discussion were the practical details of setting up a single bank resolution system and fund, the upcoming bank balance

BETTER FINANCE is pleased to announce that, after nearly 10 years at BETTER FINANCE, Arnaud Houdmont is taking on more responsibilities as Director of Communications. In his new role as Spokesperson for BETTER FINANCE, Arnaud will make sure the voice of all European citizens as savers, investors and financial services users, is heard loud and

European Retirement Week 2022 will take place from 28 November through to 3 December 2022. The group of stakeholders behind the initiative jointly promote the two main goals of European Retirement Week: raising awareness of the pension challenge, and serving as a platform for stakeholders and policymakers to discuss possible solutions to ensure that people

LUXEMBOURG, 4 NOVEMBER 2019  – Document optimisation company More Carrot has completed what is believed to be the industry’s first study of UCITS prospectuses. The findings shed light on a range of issues, including who uses prospectuses, the main purposes of use, what types of information they look for and how easy it is to

BETTER FINANCE welcomes the latest amendments adopted by the ECON Committee to the reform of the European System of Financial Supervision (including the European Banking Authority (EBA), the European Insurance and Occupational Pension Authority (EIOPA), the European Markets and Securities Authority (ESMA) and the European Systemic Risk Board (ESRB). This reform of the European Financial

The negotiations on the future treaty between the EU and UK met with a proposal from the City of London, Europe’s financial sector capital, to ‘allow cross-border trade in financial services’. The negotiation team lead by Michel Barnier on the EU-side refused this proposal, which adds further turmoil to the City as many corporations have

In the Single Market, retail investments are lagging behind as EU savers lack understanding of financial products and confidence in investment intermediaries as well as being put off by an overall lack of attractive results from the industry. With this in mind, the European Parliament (EP) has attempted, on several occasions (see here and here),

The Irish regulator will launch the "largest ever investigation in Europe" into the fees asset managers charge investors in order to assess whether the investment products offer "value for money", reports the Financial Times. The probe comes after several countries launched investigations into closet trackers in recent months, including Sweden, the Netherlands and Luxembourg. In

Sergio Ermotti, the chairman of UBS, Switzerland’s largest bank, has made a bold statement. “It is ok to take risks and make mistakes as long as they are honest ones”, he said. According to the Financial Times, Ermotti pointed out that the key lies in the difference between breaking the rules and making honest mistakes while

Pensions Report - Overview BETTER FINANCE is committed to ensuring pension adequacy and transparency in pension returns for EU citizens. We recognize the ongoing challenges faced by pensioners in attaining a sustainable retirement income, including the impact of ‘financial repression’ on the purchasing power of EU pensioners and the growing strain on the provision and

On 14 April F2iC – one of BETTER FINANCE’s French member organisations – issued a press release arguing that the vote of shareholders, as the true owners of a company, should be binding without a company being able to use dilatory maneuvers to circumvent it. The press release follows the rejection by Stellantis’ shareholders of

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