BETTER FINANCE welcomes yesterday’s vote of the European Parliament’s Economic and Monetary Affairs Committee amending the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation.
BETTER FINANCE has always strongly supported the aim of the PRIIPs Regulation since it is the first – and so far the only - “horizontal” EU set of investor protection rules that encompasses both non-insurance based and insurance based retail investment products. However, the current design of the level 1 and 2 rules fails to meet their own goals, i.e. enabling retail investors to understand and compare the key features and risks of the PRIIP. In fact, the PRIIPs KID is very difficult to understand and almost impossible to compare even for similar products. Therefore, BETTER FINANCE welcomed the invitation from the European Parliament’s ECON Committee to make a statement on 21 November 2018 on a proposed amendment to the PRIIPs Regulation.
The full press release is available here.