The ECON Committee of the EP recently released its report on the EC proposal “IMD 2” (Insurance Mediation Directive 2). One of the aims of this proposal was to raise insurance policy holders’ protection to the level set for MiFID 1 and 2 for retail investors.
Most unfortunately MEP Langen’s Report erases most of the consumer protection provisions of the EC proposal. EuroFinUse fully supports the letter addressed on 7 February 2013 to the Rapporteur by the Financial Services User Group (FSUG) which advises the EC from the retail user side. EuroFinuse’s managing director co-signed the letter in his role as vice chair of the FSUG. The FSUG asks Mr Langen to reconsider all his amendments eliminating consumer protection provisions.
Read the letter to MEP Langen here.