Guillaume Prache, Founder and Senior Advisor at BETTER FINANCE, brought his expertise to the forefront today as he addressed representatives of the financial industry at a roundtable on retail investment in the EU, convened by the European Commission. Prache’s intervention at the roundtable emphasised the critical need for innovation in the financial industry to prioritise
On 24th March 2024, the French Minister of Finance reaffirmed Guillaume Prache’s position as a member of the French Comité Consultatif du Secteur Financier (CCSF), the highest consultative body on financial services policy in France. Mr Prache, representing BETTER FINANCE, continues to serve in this crucial capacity. In addition, Mr Bruno Guillier de Chalvron, representing
[The document has been updated to the final March 2024 version] The report by CFA Institute and BETTER FINANCE critically reviews the EU’s listing rules, targeting reforms to improve public market accessibility for small and medium-sized enterprises (SMEs). It aims to foster debate amidst the ongoing review of the Listing Act by the European Commission
BETTER FINANCE welcomes and supports EIOPA’s ongoing work on a supervisory toolkit to assess the value for money offered by unit linked and hybrid insurance products. Since its creation, BETTER FINANCE has been fighting for regulatory and supervisory action to improve the returns of long-term and pension saving products. As BETTER FINANCE research shows, high
The document serves as BETTER FINANCE response to selected questions of ESMA’s discussion paper on the implications of digitalisation for investor protection under MiFID II. The document “Discussion Paper on MiFID II investor protection topics linked to digitalisation” provided by the European Securities and Markets Authority (ESMA) focuses on various aspects of digitalisation in the
BETTER FINANCE endorses the FSUG’s call for improved ‘Value for Money’ in retail investments. The focus is on enhancing the effectiveness of packaged retail and insurance-based investment products (PRIIPs) to contribute significantly to investors’ financial well-being. The FSUG emphasises the responsibility of product manufacturers to design products that boost investors’ financial wealth and urges supervisors
BETTER FINANCE is pleased to announce the appointment of Professor Barbara Alemanni, a specialist in behavioural finance and one of the four academic members of the European Securities and Markets Authority’s Securities and Markets Stakeholder Group, to the BETTER FINANCE Scientific Council. ⬇️ Read or download the full press release below. ⬇️
Today, BETTER FINANCE, the leading advocate for European citizens as investors, savers, shareholders, and financial services users, unveils its manifesto ahead of the upcoming European Union elections in June 2024. Entitled “Sustainable Value for Money: Reconciling Individuals, Enterprises & The Planet,” the manifesto calls for a renewed emphasis on better outcomes for consumers, long-term investment,
The Sustainable Finance Disclosures Regulation (SFDR) started applying in March 2021 and requires financial market participants and financial advisers to disclose at entity and product levels how they integrate sustainability risks and principal adverse impacts in their processes at both entity and product levels. It also introduces additional product disclosures for sustainable financial products making
BETTER FINANCE’s full Response to the Targeted Consultation on SRDs – Shareholder Rights Directives (SRD1 and SRD2) for the European Commission by the CSES — [15 December 2023]. BETTER FINANCE advocates for the enforcement of investors’ and shareholders’ rights, underscoring the pivotal role of engagement as a cornerstone within robust green transition plans and corporate
“The European Union’s watchdog has ruled the European Commission failed to adequately consider conflicts of interest when it appointed BlackRock Investment Management, the world’s second largest investor in fossil fuels, to advise on environmental regulations for the banking sector.” […] “In the report published this week, O’Reilly concluded the Commission needed to better police conflict
France’s top financial regulator has urged Europe to move faster on setting common standards for environmental, social and governance investing to prevent widespread “greenwashing”. According to Robert Ophèle, chairman of the Autorité des Marchés Financiers, the explosion in interest in ESG and the absence of EU-wide rules governing what constitutes a sustainable fund left Europe
The Financial Reporting Council (FRC), the UK’s accounting watchdog, is to be scrapped in favour of a stronger regulator with more power on investigating company directors (currently the FCR can only investigate them if they are also registered with an accounting body) and ability to issue harsher penalties including higher fines, and even prison terms.
The European Commission’s Expert Group on Corporate Bonds issued its final report on improving European corporate bond markets. “Liquid, transparent and accessible corporate bonds markets in Europe would benefit both real economy entreprises and individual investors as a performing alternative to fee-laden packaged retail bond products such as retail bond funds. BETTER FINANCE regrets that
The Regulation 2017/826 of 17 May 2017 establishing a Union programme to support specific activities enhancing the involvement of consumers and other financial services end-users in Union policy-making in the area of financial services for the period of 2017-2020 was published on Friday 19 May. This regulation will support the activities carried out by Finance Watch
On the 14th of February representatives of the Council of the European Union and the European Parliament reached an agreement on a program to promote the involvement of consumers in policymaking in financial services. As a reminder, on the 25th of January 2017, the European Parliament’s Committee on Economic and Monetary Affairs approved a report
On the 25th of January, the European Parliament’s Committee on Economic and Monetary Affairs approved a report on a proposed regulation by the European Commission to guarantee greater financial stability for Finance Watch and BETTER FINANCE. This vote follows a proposal from the Commission put forth in June 2016 calling for a regulation supporting the
The Financial Conduct Authority (FCA) revealed last year in its annual business plan that it would conduct a review of banking culture in the UK in 2016. The goal is to determine whether the programs to change the culture in retail and wholesale banks were "driving the right behaviour". Most politicians believe that the banking
Yesterday EuroFinUse, WWF and VoteWatch Europe were the last remaining candidates standing at the coveted European Public Affairs Awards, eagerly awaiting the announcement of the winner of the “NGO of The Year” category. The EPA awards single out organisations for excellence in their respective sector, while aiming to encourage best practice in the European public affairs
The Regulation for a Key Information Document (KID) for Investment Products faces serious threats from within the European Parliament itself. In order to present a united front on behalf of the hundreds of millions of European consumers and individual investors and draw attention to this travesty, EuroFinUse joined forces with Finance Watch and BEUC (the
The Lithuanian Investors Association and BETTER FINANCE, the European Federation of Investors and Financial Services Users, are organising the annual BETTER FINANCE International Investors’ Conference, scheduled to take place in Vilnius on May 30, 2024. The conference, titled “Vilnius 2024 | Shaping the Future of Finance,” will delve into various topics encompassing European and Baltic
Brussels, 13 October 2023 — BETTER FINANCE, the European Federation of Investors and Financial Services Users, in collaboration with IVA – the Austrian Shareholder Association, is pleased to announce that the International Investors Conference at the Vienna Stock Exchange and Oesterreichische Kontrollbank (OeKB) got off to a great start this morning. Keynote Carmine di Noia, Director
Video RecordingPhotosConference ProgrammeSpeakers BookletWill you afford to retire? | A presentation by BETTER FINANCE & PEKABEKeynote SpeechesPanel Discussions - Background information and reading materialPress Release
‘The Value of Financial Advice’ is an upcoming conference organized by Nordic Finance and the Good Society in Frederiksberg, Denmark. A number of esteemed keynote speakers from academia and the financial services sector will share their insights on the role of financial advice for financial decision-making. Register here.
The conference, titled “Upholding Sustainable & Accessible Capital Markets for European Investors”, is jointly organised by the Interessenverband für Anlegern (IVA), the Austrian Shareholder Association, and BETTER FINANCE, the European Federation of Investors and Financial Services Users. With contributions from a number of distinguished speakers, the event will explore a range of topics concerning capital
The Retail Investment Strategy will be key in establishing a Capital Markets Union “that works for people”. The successful combined completion of the Retail Investor Strategy and the CMU Action Plan could generate a quantum leap in investor protection, empowerment and engagement, to their benefit and to the benefit of the CMU, sustainable investing and
On Wednesday, 7 June 2023, the European Commission will be hosting in Brussels the annual Joint Conference on European Financial Integration, organised with the European Central Bank (ECB). Guillaume Prache, BETTER FINANCE’s Managing Director, will give a speech on The consumer perspective on Banking Union and Capital Market Union. More information and registration
Keynote address by Jella Benner-Heinacher on market structures, “retail” investors, and payments for order flows (PFOF) Thank you for the invitation and congratulations to FESE to organize such an impressive conference in Prague. I would have loved to be personally in this beautiful city of Prague but unfortunately, I can only attend virtually. Nevertheless, I
In response to warnings about an “advice gap” if inducements – or rather sales commissions – were to be banned, BETTER FINANCE stresses that there can be no “advice gap” if there’s no “advice”: biased advice is not really advice. The discussion in Brussels between advocates and opponents of bias-free advice (the stated objective of
BdV and BETTER FINANCE once again examine the stability of the main EU insurers This year, the German Association of Insured (BdV) together with BETTER FINANCE and Zielke Research again examined selected European life insurers. The 10 largest life insurance companies from France, Spain, Italy, Germany and the Netherlands were analysed. There are still considerable
This research paper is part of BETTER FINANCE’s annual #FundResearch project, an umbrella research activity aimed at providing qualitative and quantitative assessments of the EU market for retail investment funds, focusing on Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). This paper compares mutual fund returns with their market index
The creation of a more predictable, stable and clear regulatory environment to incentivise investments is one of the key objectives of the third pillar of the Commission’s Investment Plan for Europe. The Capital Markets Union (CMU) action plan is part of this third strand. The Mid-term review of the CMU action plan further emphasises that
According to a Belgian law passed in 1980, only professionals can benefit from a tax deduction. An individual shareholder of a foreign company will first be taxed abroad on his financial assets and will then be taxed in Belgium. In its ruling handed down by the Cour de Cassation, the Belgian judge pointed out that this law
Climate change and sustainable development are more and more present in policymaking. Following the agreement of the Paris Climate Summit ( COP21) entering into force on the 4th November 2016 and the adoption by the United Nations of the Sustainable Development Goals (SDGs), establishing a framework for global public engagement in environmental and social matters,
According to the Financial Times diaries of the six members of the ECB’s executive board show that the decision-makers have met representatives of the private sector shortly before policy meetings. The diaries, made available to the FT under EU freedom of information rules, reveal engagements with the private sector. They cover the schedule of ECB’s
The World Federation of Investors (WFI), the Spanish Association of Minority Shareholders of Listed Companies (AEMEC, one of BETTER FINANCE’s members) and BETTER FINANCE have stated that the swap transaction that took place between CaixaBank and its controlling shareholder, Criteria, lacks transparency and adequate information to the detriment of minority shareholders of CaixaBank. Indeed small
The EU and US regulators failed to harmonise industry rules for derivatives trading on 7 May 2015, as the meeting between Jonathan Hill, European Commissioner Financial Stability, Financial Services and Capital Markets Union, and Timothy Massad, chairman of the US Commodity Futures Trading Commission (CFTC) in Brussels, did not lead to an agreement on the recognition of
BETTER FINANCE published its comments on the new Directive on Administrative Cooperation (DAC2) and the concerns DAC2 raises regarding errors of appreciation possibly being made by financial institutions and the issues for EU investors behind the recently adopted new DAC2.