Fidelity Investment Managers has called for the wellbeing of the financial consumer to be put ahead of the financial industry's vested interests.
The call has coincided with the European Commission launching a consultation on its Packaged Retail Products initiative.
The Commission's consultation aims to help consumers by ensuring that there is a consistent approach to the sale of financial products .
However, Fidelity said that the proposed approach of simply amending the current Directives goes far enough.
Indeed, it said that the Commission should instead create a single framework for the regulation of personal financial products which allows a "fair and clear comparison" of the choices available.
"Consumer protection in European financial services has grown up as a patchwork of different regulations with different characteristics. The rules are no longer fit for purpose," commented Robert Higginbotham, chief executive and president of Fidelity Investment Managers .
"The Commission and member countries of the EU should grasp this unique opportunity to offer consumers good, fair and equal treatment whatever the product and whatever the distribution route they use".
Customer interests should come first, says investment firm
Customer interests should come first, says investment firm
Tue, 30 Nov 2010
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