The financial crisis has become a crisis of consumer confidence. Poor transparency, poor awareness of risks, and poor handling of conflicts of interest have meant that consumers across the EU have been repeatedly sold investment and insurance products that were not right for them. The European Commission is taking steps to address these shortcomings and put the consumer’s interests first. The new legislative package proposed by the Commission includes new rules on retail investments products (PRIPS), a revision of the Insurance Mediation Directive and changes to the current legislation on investment funds.
The new package is available on: http://ec.europa.eu/commission_2010-2014/barnier/headlines/news/2012/07/20120703_en.htm