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Another step forward for consumer protection under Irish Presidency

26.06.2013, 15:00 GMT


Agreement reached on better information for consumers about their investments.

The Irish Presidency has agreed a common position within the Council on new rules to ensure better information for consumers in the European Union about their investments. 

Commenting on today’s agreement amongst Member States on the Regulation on key information documents for packaged retail investment products (otherwise known as ‘PRIPs’), Minister for Finance, Michael Noonan TD said: 

"By giving people clearer information about their investments, we can help stabilise our financial system. Stability, jobs and growth have been the watchwords of the Irish Presidency. I am delighted that we have been able to reach agreement on a Council position on the Commission proposal."

The PRIPS Regulation will bring in new rules to ensure that consumers will be informed about financial investment products in a short, easily understandable and standardised document, known as the “Key Information Document” (KID).  Every manufacturer of investment products (e.g. investment fund managers, insurers, banks) will have to produce this KID for each packaged retail investment product.  

Retail investors will be helped to make more informed decisions on whether an investment is right for them or not and will be able to compare investment products with each other. At the same time, the proposal aims to ensure a level playing field between different investment product manufacturers and those selling such products.

This agreement adds to the Irish Presidency list of achievements for consumers in the financial services area, which includes, for example, the agreement earlier this year on strengthening consumer rights on mortgages.

ENDS

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Contacts

picture of Paul Bolger, Presidency Spokesperson for Department of Finance

Paul Bolger, Presidency Spokesperson for Department of Finance

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picture of Deirdre Farrell, Press Spokesperson - Coreper II

Deirdre Farrell, Press Spokesperson - Coreper II

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