Brussels The EU Commission wants to promote equity culture in Europe by strengthening the rights of small investors. In the future, financial companies will have to disclose all hidden costs and fees for their products.
In investment advice, a new test is designed to ensure that the advisor is acting in the best interests of the client. The EU supervisory authorities should also develop benchmarks that investors can use to check the value for money of investment products.
These proposals are in the draft of the small investor strategy, which is available to the Handelsblatt and is to be presented on May 24th. It does not include a general commission ban for investment advisors. EU Finance Commissioner Mairead McGuinness announced the waiver in a speech at the end of April. She bows to the financial lobby, which had warned of job losses and a gap in advice.
EU draft: commission ban only for execution transactions, not for advice
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