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Retail Investment Strategy: are the proposals ambitious enough to attract investors? (conflicts of interest, value for money, distribution, education…)

Day 2 Afternoon

Thursday 14 September

Room :



Alexandra Jour-Schroeder
Deputy Director-General - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Public Authorities
Guillaume Bérard
Financial Services Attaché, Permanent Representation of Belgium to the EU - Financial Services and Markets Authority, Belgium (FSMA)
Marie-Anne Barbat-Layani
Chair - Autorité des Marchés Financiers (AMF)
Verena Ross
Chair  - European Securities and Markets Authority (ESMA)
Industry Representatives
Renaud Dumora
Deputy Chief Operating Officer of BNP Paribas, Head of Investment & Protection Services (IPS) - BNP Paribas
Tobias Pross
Chief Executive Officer - Allianz Global Investors GmbH
Cyril Roux
Deputy Chief Executive Officer - Groupama
Christian Staub
Managing Director Europe - Fidelity International
Other stakeholder & expert
Aleksandra Maczynska
Executive Director - Better Finance


This session will assess whether the proposals of the Retail Investment Package address the main priorities for developing retail investment, evaluate the potential impacts of the measures proposed and identify possible shortcomings or gaps that remain to be tackled.

The discussion will mainly be organized around the proposals in terms of (i) Value for money, (ii) Inducements and quality of advice.

Points of discussion

  1. Value for money: Are the measures proposed in the RIP likely to help improve value-for-money for retail investors? Could these measures have potential downsides for investors and how may they be addressed? Do these measures raise any feasibility issues? Do certain measures raise feasibility issues (e.g. proposed benchmarks)?
  2. Other measures of the RIP: Can the measures proposed regarding inducements reduce conflicts of interest and will they allow adequate investor outcomes? Will best interest principles help to enhance the quality of advice? Are there any downsides from these measures and if so how may they be addressed? What are the conditions for an effective implementation of these measures? What are the main other priorities to be considered in the RIP (e.g. financial literacy, cross-border supervision…)?