Representative Actions for the Protection of the Collective Redress Interests of Consumers

BETTER FINANCE has long advocated for an EU-wide collective redress mechanism for all financial services users, including small and individual shareholders or employee shareholders, and provided support to consumer organisations in collective redress schemes in the field of financial services (such as Fortis, Volkswagen AG).

BETTER FINANCE welcomes the European Commission’s (EC) proposal for a Directive on collective redress actions for consumers (“Collective Redress Directive”) but warns on several amendments that will diminish the scope and effectiveness of these provisions.

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