The Regulation for a Key Information Document (KID) for Investment Products faces serious threats from within the European Parliament itself. The stalled financial package concerns a simple information document that would have to be provided to potential customers by financial services, at the time of sale. Specifications for such a Key Information Document (KID) are set out in the legal wording, which is now in the hands of the European Parliament. However, the package is in danger of indefinite delay as MEPs are failing to agree between themselves, say the three consumer protection bodies.
The European Federation of Financial Services Users (EuroFinUse), which represents four million private investors across Europe, Finance Watch, which advises the relevant EU institutions on financial legislation, and BEUC, the consumer interest organisation, are now presenting a united front on behalf of the hundreds of millions of European consumers and individual investors and draw attention to the state of affairs.
EuroFinUse believes that the danger now is an annihilation of seven years of work and efforts to harmonize the protection of retail investors and pension savers.
Please read EuroFinUse press release here.