Retail investors need coherent and reliable narratives around capital markets. This requires moving away from reductive debates about products and providers
Rather, a comprehensive
agenda for retail investors should focus on solutions (and underlying
asset classes) to meet specific financial objectives (fully scalable
and/or customised). And ultimately, the financial industry must deliver
‘good value for money’. The CMU 2.0 Action Plan alone is not likely to
solve long-standing structural problems. Ensuring that retail investors
benefit in practice from the same safeguards as professional and
institutional investors is essential. Weaknesses in supervision and
enforcement could give rise to regulatory arbitrage or market
fragmentation, which will be to the detriment of these investors.
This commentary is part of a dedicated series, as a follow-up to the CEPS–ECMI Task Force Report on “Asset Allocation in Europe: Reality vs Expectations” released in April 2020.
© CEPS - Centre for European Policy Studies
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