EU Floats New Consumer Financial Protection Regs

Law360, New York (July 3, 2012, 9:07 PM EDT) -- The European Commission on Tuesday unveiled consumer protection legislation to simplify disclosures and tighten guidance requirements related to investments and insurance products, taking cues from sweeping U.S. financial reform in an attempt to harmonize EU member state regulations.

Citing dwindling consumer confidence prompted by lack of transparency, low awareness of risks, and poor handling of conflicts of interest, the commission proposed a trio of legislative initiatives to provide consumers with a new standard for learning information about packaged retail investment products; create common standards across insurance...
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