EuroFinUse believes there are a number of worrying features of the audit market. At a very fundamental level, we are concerned about auditor independence and professional scepticism. Potential conflicts of interest have always been present in the system of auditing, so the challenge is how these are managed.
EuroFinuse in conjunction with the members of the Financial Services User Group (FSUG) wish to express their disappointment regarding the draft ECON report on the proposal for a Insurance Mediation directive. On 3 July 2012 the Commission published a proposal for a revision of the Insurance Mediation Directive (IMD 2). The goal of the Commission’s
EuroFinUse presented its position on the proposals in MiFID II on capital market structures. MiFID II proposal from the EC does not in EuroFinUse’s view fix this major market fragmentation issue and the induced lack of consolidated trade data readily available to small investors. Like MiFID I, this proposal it is still mainly aimed at
EuroFinUse participated on the FEE Roundtable on the functioning of audit committees and Jella Benner-Heinacher presented shareholders’s perspectives. The board acts as the agent of all shareholders and the quality of the board members and the members of the audit committee (AC) is decisive. Therefore, minimum one financial expert in the AC can give the
On an EPFSF event in January 2013, Guillaume Prache, EuroFinUse’s Managing Director, called for a real separation of commercial banking from market and investment banking; stressed that the financial crisis does not only come from “deposit taking” banks and property lending and that the Liikanen Group considered EuroFinUse’s proposal to limit property lending “bubbles”.
EuroFinuse, the European Federation of Financial Services Users, is closely following the debate on the “UCITS V Directive” that is currently focusing on depositories’ liabilities and asset managers’ remuneration. These are two major issues that have to be tackled by EU institutions, as they were exposed as the weakest part of the UCITS framework during
EuroFinUse shows its concerns on the long awaited Regulation on Key Information Documents for investment products that will unfortunately, and contrary to the original aim, only address the harmonization and improvement of pre-contractual product information, and not sales practices. KID Regulation must apply to all “substitutable” investment products at the retail point of sale and
We believe that the current economic damages endured by shareholders of European listed banks with good audit reports challenges the proper functioning of the audit markets in Europe. This would have profound implications for both the European financial industry and any kind of audited company in Europe. Therefore, we generally support the initial Proposal for