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Retail Investment Strategy

Banking and financial services

The strategy will cover a range of initiatives designed to provide the necessary level of confidence and assurance for retail investors, seeking to ensure improved market outcomes and enhance their participation in the capital markets in the spirit of the overall objective of “an economy that works for people”. At the same time, it could help facilitate the process of economic recovery after the economic fallout from the COVID-19 pandemic by channelling capital to private sector firms.

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Public consultation

ID: 12755

Lobbying Activity

14 responses

Consultation response

Bureau Européen des Unions de Consommateurs, 18 May 2021

BEUC welcomes the European Commission’s intention to adopt a new Retail Investment Strategy in the beginning of 2022, which is urgently needed to ensure that consumers are adequately protected when investing into capital markets. Efforts to increase the participation of retail investors into…

Financial markets trade body urges focus on indirect retail investment

Association for Financial Markets in Europe, 18 May 2021

The association requests the Commission recognize that most retail investors access markets indirectly through intermediaries, not through direct investment. They want dialogue on how wholesale banking regulations affect retail investor outcomes.
This would ensure wholesale banking interests are considered in retail investment policy.

Consultation response

Invest Europe, 5 May 2021

Invest Europe supports the European Commission’s objective to develop a coherent regulatory framework to empower consumers to make informed investments in EU capital markets. Traditionally, the private equity industry is only marketing to investors that are either institutional (pension funds,…

Consultation response

Deutsche Börse AG, 18 May 2021

Deutsche Börse Group appreciates the opportunity to provide feedback on the roadmap for a retail investment strategy for the EU as part of the CMU Action Plan. Over the course of the last years, in particular in 2020, we have seen positive developments in EU retail participation as well as a…

Consultation response

Asociación Española de Banca, 18 May 2021

See document attached

Consultation response

Finance Denmark, 18 May 2021

Finance Denmark support the initiative of an EU Strategy for Retail Investors and suggest that the well-being of the investor is put at the center of the strategy. Consumer protection in the context of the CMU is about generating trust and transparency, whilst promoting a better investment and…

Insurance Ireland warns against one-size-fits-all EU retail investment rules

Insurance Ireland, 18 May 2021

Insurance Ireland requests a differentiated, product-based approach rather than uniform rules for all financial products. They argue insurance-based investment products require special treatment because they protect against biometric risks while enabling savings. They also call for PRIIPs regulation to be overhauled and for increased focus on financial literacy.
This would allow insurers to avoid burdensome comparability requirements that undermine their products' unique features.
Consumers lose clearer comparisons between different investment products across the market.

European savings banks urge protection of commission-based advice

European Savings and Retail Banking Group, 18 May 2021

ESBG demands consistency between different regulations to fix contradictory cost disclosures. They strongly argue that the commission-based model be maintained to ensure affordable advice. Additionally, they request that placement fees remain outside the scope of inducement rules.
Maintaining current rules protects bank profits from placement fees and commission-based services.
Small-scale investors lose access to professional guidance due to high fee-based costs.

Consultation response

Schroders Investment Management (Europe) SA, 5 May 2021

Building on the CMU HLEF report of June 2020, Schroders welcomes the European Commission’s plan for a comprehensive strategy for retail investors. It is clear that enabling economic recovery and achieving sustainability goals will depend on engaging and motivating more individuals to invest in…

Consultation response

Die Deutsche Kreditwirtschaft, 12 May 2021

GBIC welcomes the opportunity to comment on the Commission’s roadmap: 1. Inducements A potential ban on inducements would run counter the roadmap’s explicit aim to raise the level of participation by retail investors in financial markets. GBIC does not share the Commission’s view that “due to…

Consultation response

Baden-Württembergische Wertpapierbörse, 18 May 2021

As an exchange that caters the needs for retail investors, Börse Stuttgart strongly supports the initiative by the EU Commission to look closely on retail investors participation in financial markets. We welcome the opportunity to participate in the Commission’s consultation on the EU strategy for…

Consultation response

, 18 May 2021

Preliminary remark French banks have made great efforts to implement the various financial regulations and to improve the quality of services provided to their clients. They are now calling for regulatory stability to focus on priorities such as the completion of the CMU or the financing of the…

Consultation response

Global Institute for Structure relevance, Anonymity and Decentralisation i.G., 18 May 2021

GISAD begrüßt die Initiative der Europäischen Kommission, Kapitalmarktprodukte anzubieten, welche im Risiko transparent, in der Verwendung des Kapitals verständlich sind und von denen die Bürger darüber hinaus unmittelbar profitieren. Hierfür müssen allgemein verbindliche Standards geschaffen…

Consultation response

Suomen pörssisäätiö (the Finnish Foundation for Share Promotion), 11 May 2021

We promote retail investment and develop the securities markets in Finland. Retail investment strategy is an important and highly welcomed initiative and we agree that the level of participation by European retail investors remains too low. Please see below for our comments about the roadmap: -…