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23.10.2017 12:29 Age: 28 days
Category: Press Releases

A "NEW DEAL" FOR CONSUMERS - WILL EU FINANCIAL SERVICES USERS AT LAST BENEFIT FROM COLLECTIVE REDRESS?


In its briefing paper published ahead of its conference on public and private enforcement, BETTER FINANCE took a deeper look at the mis-selling of financial products and, unsurprisingly, concluded that several key EU regulatory provisions pertaining to retail investor and saver protection are not properly enforced.  

Besides proposals to improve the public enforcement of conduct of financial business rules, BETTER FINANCE also called for an EU wide collective redress scheme. The lack of a properly developed framework for Private Enforcement hampers law enforcement efforts and stands in the way of providing more practical solutions to reduce detriment to financial services users.

In its briefing paper and at its conference in May 2017 BETTER FINANCE stressed that Collective Redress (if well designed like in the Netherlands) would constitute an effective solution that can facilitate and make legal remediation of damages incurred by EU citizens as financial services users more effective and affordable.

Read the full press release here.


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