BETTER FINANCE welcomes the proposal for the Retail Investment Strategy (RIS) put forward by the European Commission (EC) on 24 May 2023.
We fully share the goals that the EC pursues with this initiative
- ‘rules that are coherent across legal instruments’;
- ‘adequate protection’‘bias-free advice and fair treatment’;
- ‘open markets with a variety of competitive and cost-efficient financial services’;
- and ‘transparent, comparable and understandable product information’.
In the explanatory memorandum and impact assessments that accompany the legislative proposals, the European Commission clearly identified the key shortcomings of the current regulatory framework that severely damage the interests of retail investors. We share the EC’s assessment that an ambitious overhaul of the manufacturing and distribution processes for retail investment products is necessary.