Dear Members,
Yesterday afternoon we learned that our efforts of the last few months paid off. On Wednesday 20 November, the European Parliament voted on a proposal for a Key Information Document (KID) aimed at addressing a chronic lack of transparency in terms of charges, performance, and risks for customers and end-users of financial products. Thanks to our joint efforts, amendments aimed at taking life insurance and pensions out of the scope of the regulation were not included in the final proposal.
Thus further delays to the legislative procedure were averted and we are now one step closer to the adoption of essential legislation towards the harmonisation of key disclosure requirements across all retail products and a better protection of individual investors and pension savers.
The proposal will now be subjected to trialogue negotiations and, with a bit of luck and continued pressure from user side representatives, this legislation towards effective protection and comprehensive information for consumers will be adopted before the end of this Parliament.
Let’s not forget that the KID is the only legislative project exclusively aimed at the protection of retail investors during the current Commission and Parliament mandate, and therefore of utmost importance to all European citizens.
Your support will prove equally valuable in the coming months during the negotiations with the Council and the Commission.
Please find here the PRIPs Report as voted in yesterday’s plenary.