The FSA and HM Treasury have published a summary of their submission to the European Commission’s call for evidence on substitute retail investment products (the Submission). In the Submission the FSA and HM Treasury state that the overall approach should be to focus on outcomes. That is ensuring adequate and appropriate disclosure and protections for all products in the way that is most appropriate. They also state that they do not see a case being made for a cross-cutting EU-level legislative proposal, although there may be some scope for targeted, possibly non-legislative intervention. They recommend giving consideration as to whether improvements in disclosure regulation can be made through scheduled reviews of existing EU Directives, including the review of the Insurance Mediation Directive. They also suggest taking work forward at Level 3 to allow regulators to share their experiences of dealing with disclosure and other consumer protection regulation.

View FSA and HM Treasury summary submission to the Commission’s call for evidence on substitute products, (PDF 102KB), 23 June 2008