The European Fund and Asset Management Association said it welcomed the European Parliament, Council and European Commission’s formal agreement on the review of the Markets in Financial Instruments Directive (MiFID) this week.
However, EFAMA said the agreement also meant two-year negotiations on the future of the European financial markets had been concluded without the inclusion of insurance products.
The trade body said it urged the European Parliament and Council to “immediately restart” the stalled negotiations on the review of the Insurance Mediation Directive (IMD II) to “ensure that end investors are ultimately afforded the same level of protection and transparency across the whole range of financial products”.
Peter de Proft, director general of EFAMA, said: “While we applaud the EU for having concluded its widest reform of the European financial markets since 2007, we are disappointed that not all financial products have been treated equally.
“We believe that it is the best interests of the investor that the same rules apply across the board. We therefore call on European co-legislators to use IMD II to rectify this and ensure that moving forward there is a level playing field for all.”
The European government announced earlier this week it had finally concluded its talks on MIFID II, raising concerns, and perhaps hope in some quarters, the European legislation could be a “death knell for the UK’s Retail Distribution Review”.
