BETTER FINANCE-Feedback on a directive on representative actions for the protection of collective interest of consumers FINAL 7.05.2018

An EU-wide collective redress mechanism for all financial services users such as savers, retail investors, life insurance policy holders, pension fund participants, small and individual shareholders or employee shareholders is more than needed. The right to redress and the right to access to justice is especially important in the area of financial services as financial products have a serious impact on the quality of life of active and retired citizens. Moreover, financial products are often technical and complex making it very difficult for users to even evaluate the extent of their detriment.

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