Finance sector calls for co-legislators to reassess the Retail Investment Strategy in light of the European Commission's competitiveness goals

Europe's insurance, banking and asset management industries have published a statement, warning that overly complex rules and red-tape risk undermining the impact of the EU's Retail Investment Strategy (RIS). They argue that the current draft proposals contradict the EU's commitment to reduce regulatory burden which will hold back the broader goal of increasing European competitiveness.

The industries support the goals of the package, namely, to increase retail investors' confidence and encourage investment in the capital markets. The statement published today, however, calls for the simplification of rules for firms and retail investors, streamlined sales processes and a reduction of information overload.

The statement was issued ahead of the EU interinstitutional negotiations between the European Parliament, Council and Commission on the retail investment strategy, which are planned to begin in January 2025.

The statement was co-signed by the European Banking Federation (EBF), the European Fund and Asset Management Fund (EFAMA), Insurance Europe, Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), the European Federation of Insurance and Financial Intermediaries (BIPAR), the Conference of EU Bancassureurs (CEB), the European Association of Co-operative Banks (EACB), the European Association of Public Banks (EAPB), European Forum of Securities Associations (EFSA), the European Savings and Retail Banks Group (ESBG) and the European Structured Investment Products Association (EUSIPA).