Stockholm The EU Commission has dropped the controversial plan to ban commissions for financial advisors. Finance Commissioner Mairead McGuinness announced in a speech late Thursday afternoon that she would refrain from a complete ban on commissions for the time being.
“We’ve listened to those who tell us that a total commission ban might be too disruptive at this point,” McGuinness said at a financial conference in Stockholm. Other measures such as more transparency obligations are now being considered.
The Irish woman is thus bowing to lobbying pressure from the financial sector and a number of EU governments. The German industry associations, for example, had warned that a commission ban would cost tens of thousands of jobs in Germany alone and that small investors were threatened with a “consultation desert”. Finance Minister Christian Lindner (FDP) had also intervened several times in Brussels and campaigned for the status quo.
McGuinness remains sympathetic to the commission ban
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