On 27 July 2021, EIOPA received a request from the European Commission, as part of its Retail Investment Strategy, to provide technical advice on a number of specific areas in the field of retail investor protection such as enhancing consumer disclosures, tackling damaging conflicts of interest in the sales process and assessing the impact of product complexity in the retail investment market.
EIOPA’s main findings in the areas which the Commission asked EIOPA to address in its Call for Advice, are as follows:
- enhancing consumer engagement with disclosures, including digital disclosures;
- assessing the risks and opportunities presented by new digital tools and channels;
- tackling damaging conflicts of interest in the sales process;
- promoting an affordable and efficient sales process; and
- assessing the impact of complexity in the retail investment product market.