Yesterday, the Recommendations for the new European Commission for the 2024-2029 mandate, prepared last week by the Financial Services Users Group (FSUG) at the European Commission, were published. President of VZMD, Mr. Kristjan Verbič, actively participated as a member during the two-day FSUG session in Vilnius, Lithuania.
In its recommendations to the new European Commission, FSUG emphasizes that European citizens – consumers and users of financial services, individual investors, pension savers, and the real economy – face numerous challenges resulting from the underdeveloped and incomplete Capital Markets Union. Citizens' trust in the financial sector remains low, while digitalization is rapidly advancing and expanding, creating both opportunities and numerous risks for financial services users. To strengthen the single financial services market that would include all EU citizens, instill confidence, and ensure their financial and material well-being, FSUG presents four key areas of recommendations to the future European Commission: the Capital Markets Union, protection of vulnerable groups, consumers and individual investors, digitalization and sustainability, and other general principles such as gender equality and support for independent consumer organizations. Proper integration of these principles is crucial for the future of Europe and its citizens, according to FSUG members.
Among the specific proposals for improvements are facilitating access to simple, cost-effective, and pan-European investment products, suggesting a review of the so-called Pan-European Personal Pension Product (PEPP), which has not materialized in practice, and considering the establishment of a pan-European corporate long-term pension plan. To enhance (including cross-border) consumer and investor protection, they propose an urgent review of the second Shareholders' Rights Directive (SRD II), elimination of existing tax discrimination against individual investors within the EU, and improvement of audit quality and market concentrations. To better protect vulnerable groups, FSUG believes it is necessary to ensure easy access to independent, user-friendly financial advice, adequate financial education, and sufficient supervision and review of existing rules for better financial inclusion. It is also essential to ensure that the digitalization of financial services occurs without detriment to consumers, without discriminating against or excluding them, while providing access to sustainable financial services for their benefit.
Through FSUG, VZMD has actively participated in drafting opinions related to the EU Retail Investor Strategy, the Digital Euro, consumer legislation, legislative proposals in financial services, and more. On these occasions, Mr. Verbič frequently presented notable VZMD activities, such as procedures and efforts related to expropriated shareholders and bondholders of Slovenian banks, collective lawsuits against telecommunications operators, and numerous other ongoing procedures and proposals for stakeholder protection in the Republic of Slovenia. Within FSUG, issues related to VZMD’s efforts were also addressed to key decision-makers at the EU level – most recently in April this year, during a meeting attended by European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, Ms. Mairead McGuinness.
Other Related Activities:
BRUSSELS – three high-profile international conferences with active participation of the VZMD - 18.04.2024
www.vzmd.si – More on the VZMD – PanSlovenian Investors & Stakeholders Association
www.vzmd.tv and www.investo.tv – Over 300 videos from VZMD.TV and investo.tv
www.investo.si – More on the investo.si – Invest to Slovenia Program
www.investo.international – More on the network of 75 national organizations of shareholders and investors
