Date: 20th April 2020
Author: BETTER FINANCE

Dear Ms Tingali, Dear Members of the ECON Committee,

“The only function of economic forecasting is to make astrology look respectable”. (Ezra Solomon, Stanford Professor of Finance)

We are writing to you in our capacity as executives of major EU public interest organisations working on financial services and representing the interests of the 190 million EU citizens aged 50+ as well as about 4 million EU citizens as investment fund investors, bank savers, pension fund participants, life insurance policy holders, individual bond and shareholders, borrowers and other financial services users and extremely concerned with the possible catastrophic impact of rejecting the draft Regulatory Technical Standards (level 2) on PRIIPS, after the European Commission has already not followed  the EU Law requiring the level 1 review to be carried out first by the end of 2019.

We are all the more concerned that the MEPs who recently wrote against the draft of revised level II rules are MEPs who always supported strongly and effectively a better protection of financial consumers. We know they mean well. This is why we are all the more saddened by this opposition, and we plead all ECON MEPs to look at actual samples of the 3 pager PRIIPS KIDs for themselves , in particular compared to the existing 2 pager KIID for investment funds [...]