Individual European investors and consumers are in danger of losing out as Regulations from Brussels aimed at protecting their interests are facing indefinite delay and drastic dilution.
On Wednesday 20 November, the European Parliament will vote on a proposal for a Key Information Document (KID) aimed at addressing this issue. However, the package is in danger because amendments to the current proposal are aimed at taking life insurance and pensions out of the scope of the regulation altogether. Since life insurance is the leading long term retail investment product in many European countries, as well as the least transparent, this would simply make the KID Regulation useless.
Guillaume Prache, Managing director of EuroFinUse, bitterly makes the point that the danger now is an annihilation of seven years of work and efforts to harmonize the protection of individual investors and pension savers
Please read the full press release here.