On 27 July 2022 BETTER FINANCE wrote to Commissioner McGuinness to stress the importance of individual investors' access to bias-free advice for the success of the Capital Markets Union and investor protection. In its letter BETTER FINANCE proposes a staggered approach as follows:
- Harmonising EU investor protection rules across all EU retail investment product sectors
- Banning commissions only for “execution-only” services
- Specifying that “acting in the best interest of clients” implies the obligation to “not charge undue costs” and "assess whether equivalent financial instruments can meet their client’s profile”
Read the full letter below.