Joint Industry Letter on the Importance of Advice

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Brussels, 16 December 2022 – The EBF is a key supporter of the objectives of the upcoming Retail Investment Strategy which stands as an opportunity to preserve investor protection while unlocking the potential of retail investments.

In light of the possible inclusion of an EU-wide ban on commission-based advice in the RIS by the Commission, the EBF, EFAMA, EACB, ESBG, EUSIPA and Insurance Europe stressed the importance of retaining the coexistence of the fee-and commission-based models in a joint letter addressed to Vice-President Dombrovskis, Commissioner McGuinness and Director-General Berrigan.

An EU-wide ban on commission-based advice would restrict EU consumers’ access to investment advice and would be inconsistent with several CMU objectives, including guaranteeing that retail investors can reap the full benefits of capital markets and advancing financial inclusion.

For more information:

Marta Morellato, Policy Adviser – Financing Sustainable Growth, m.morellato@ebf.eu

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About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.