EU Watchdogs Vow To Prioritize Consumer Protection In 2019
Law360, London (October 10, 2018, 5:37 PM BST) -- Europe’s three major European financial watchdogs have said that they will focus on protecting financial services and insurance consumers across the bloc against poor practices in retail investment, anti-money laundering and financial technology over 2019.
The European Supervisory Authorities said on Tuesday that they will support firms to safeguard customers by setting out guidance for, and possible amendments to, the European Union’s Packaged Retail and Insurance-based Investment Product Regulation. The rules require asset managers to provide investors with fact sheets, known as key information documents, but have triggered complaints that investors are being given "actively misleading” information.
The ESAs said in...
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