Last week, a two-day meeting of the Financial Services User Group (FSUG) at the European Commission took place in Brussels, with VZMD President, Mr. Kristjan Verbič, as an active member. This session unfolded against the backdrop of a significant paralysis in Brussels, coinciding with the General National Strike and a meeting of the NATO Defence Ministers. Isabelle Perignon, Director of the Consumer Department at the Directorate-General for Justice and Consumers of the European Commission, opened the meeting, followed by presentations from group members detailing their key projects and activities. During his address, Mr. Verbič highlighted developments in the area of collective lawsuits against Slovenian telecommunications operators (VIDEO: https://youtu.be/gAhydt96hQI), events related to the transformation of the Slovenian insurance company “Zavarovalnica Vzajemna” into a joint-stock company, and the judicial recognition of VZMD as a representative association in the protection and representation of expropriated shareholders & bondholders of Slovenian banks (VIDEO: https://youtu.be/PC9BfVnR-0k). He also pointed out the banking practices that, while citing various reporting needs, increasingly obstruct the operations of - particularly - small legal entities, and emphasized the need for appropriate (de)regulation in this area at the EU level.
In subsequent discussions, FSUG members and European Commission representatives addressed the implementation of the Directive on Representative Actions, and formulated the group's opinion on the Mortgage Credit Directive (MCD) and the Payment Accounts Directive (PAD). They also listened to a study by the European Federation of Investors and Financial Services Users (BETTER FINANCE) regarding shareholder engagement and the green transition of capital flows. The second day of the meeting focused on the EU's priorities regarding the Savings and Investment Union and the future of the Pan-European Personal Pension Product (PEPP). FSUG members were also informed about updates related to the EU Retail Investment Strategy (RIS) and the Payment Services Directive (PSD2)…
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