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Draft:Better Finance

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  • Comment: This drafts cites an underwhelming number of two secondary sources, only one of which seems to provide significant coverage of the subject. --Johannes (Talk) (Contribs) (Articles) 18:01, 17 May 2024 (UTC)
Better Finance (BETTER FINANCE)
Formation2009
TypeNon-governmental organization
PurposePromoting sound financial regulation
Headquarters Belgium, Brussels
Executive Director
Aleksandra Mączyńska
Websitehttps://betterfinance.eu

Better Finance – The European Federation of Investors and Financial Services Users (BETTER FINANCE) is the voice of European citizens as savers, investors, and financial users at the EU level.

Founded in 2009, with its headquarters in Brussels, Belgium, and working independently from the industry, BETTER FINANCE is the only European-level non-profit organisation that represents the interests of individual investors, savers, and other financial services users [1] [2] [3] [4] [5] [6]. The organization focuses on financial regulation in the European Union[7] as a counterbalance to the financial lobby.

Overview

Better Finance emerged in 2009 as a response to the 2008 financial crisis, with a clear mandate to amplify the voices of consumers within the financial sector. It was first named EuroFinuse which was later changed to BETTER FINANCE. In 2012, its predecessor, Euroshareholders (an organisation founded in 1992 as a voice for European shareholders), merged with BETTER FINANCE, solidifying the organisation's position as a unifying entity for financial users at the European level. Since then, BETTER FINANCE's work has expanded further, counting today about 4.5 million financial users spread across 26 countries, including 20 European Member States [2] [3] [8] [9].

At its core, BETTER FINANCE serves as an independent hub of financial expertise for the direct benefit of financial users across Europe who are independent of the financial industry. This broad spectrum includes individual shareholders, investors, savers, life insurance policyholders, pension fund participants, and mortgage borrowers [2] [4] [9] [10]. They empower these independent investors by providing information, education, and advocacy services to make informed financial decisions and safeguard their interests.

Its overarching belief is that the financial system exists to support the real economy and serve citizens by efficiently allocating capital and providing financial services. To do so, BETTER FINANCE’s work centres on advocating for an open, transparent, and efficient economy underpinned by financial institutions that uphold public interest above all else [11] [12] [13]

Activities

BETTER FINANCE’s work focuses on advocating at the EU level on behalf of non-industry stakeholders to ensure the perspectives of consumers and end-users are considered by policymakers. Their policy focus covers a wide range of topics relevant to retail investors [1] [14] [15], including:

  • investor protection,
  • supervision and enforcement,
  • financial products topics,
  • pensions,
  • transparency of cost and performance,
  • pre-contractual disclosures,
  • distribution of retail investment products,
  • shareholder rights,
  • sustainable and digital finance,
  • investor education.

To address these issues, BETTER FINANCE actively engages in responses to consultations, participation in expert groups [15], publication of position papers and research reports, organisation of events, participation in public events, and dissemination of information through their communication channels, including their website, promoting activities through social media and issuing press releases [1] [16]. This extensive range of activities ensures that their work provides more context to EU policymakers regarding the public interest and provides easy access to information for the public.

Key Initiatives

BETTER FINANCE addresses a wide range of topics, however, some of the key initiatives it has been working in recent years include:

  • Collective redress campaigns: Seeking compensation for aggrieved Airbus [17] and Wirecard shareholders [18], among others
  • Investor education campaigns: Emphasising responsible investing through educational videos and initiatives such as the Gateway to Responsible Investing[19].
  • Will you afford to retire? campaign: Providing insights into the real returns of long-term and pension savings, and proposing policy recommendations to ensure EU citizens can rely on adequate pensions[20].
  • Campaign for independent advice: Addressing conflicts of interest in financial advice to ensure investors receive unbiased guidance.
  • Invest for Better Climate EU: Assessing retail investors' knowledge and preferences regarding sustainability in selected EU countries [21].
  • Campaign to empower retail investors within a European Capital Markets Union: Advocating for policies that prioritise the interests and rights of individual investors in the European financial landscape [22] [23].
  • BETTER FINANCE campaigns for enhanced 'Value for Money' in retail investments to better serve investors, underscoring the manufacturers' responsibility to design products that improve investors' financial health and urging regulators to remove consistently underperforming products from the market [12] [24].
  • Financing.

To ensure independence from industry, BETTER FINANCE relies on the financial support of the European Commission. The organisation receives funding annually from the European Commission’s Single Market Programme 2021 – 2027. Alongside, the organisation funds its activities through membership fees [1] [14] [16].

Member Organizations

BETTER FINANCE membership has grown since its creation in 2009. Today, it counts 40 independent, national, and international member organisations, sharing similar objectives from the European Union Member States as well as Iceland, Norway, Turkey, Lebanon, and Cameroon.

As of May 2024, BETTER FINANCE represents 40 national member organisations across 25 countries, including 21 EU member states. Its membership is divided between full and associate members, with the latter not having voting rights [16].

As of May 2024, member organizations of Better Finance include:[25]

Member Organizations of Better Finance
Country Organization Membership
Belgium EFES - European Federation of Employee Share Ownership associated
Belgium FiInE – Financial Inclusion Europe associated
Belgium VFB - Vlaamse Federatie van Beleggers full
Denmark DAF - Dansk Aktionærforening full
Germany DSW - Deutsche Schutzvereinigung für Wertpapierbesitz full
Germany BdV - Bund der Versicherten full
Finland Pörssisäätiö - Finnish Foundation for Share Promotion full
Finland Suomen Osakesäästäjät - Finnish Shareholders Federation full
France A.D.A.M. - Association pour la défense des Actionnaires Minoritaires full
France FAIDER - Fédération des Associations Indépendantes de Défense des Epargnants pour la Retraite full
France GAIPARE - Association pour l‘amélioration de la retraite et de l‘épargne full
France Place des Investisseurs (ehemalig: Fédération des Investisseurs individuels et des Clubs d'investissement) full
France CGPC - Association française des Conseils en Gestion de Patrimoine Certifiés associated
France 2 Degrees Investing Initiative associated
Greece Helinas - Hellenic Investors Association full
Iceland Samtök Sparifjáreigenda - Iceland Savers Association full
Italy New Savers associated
Latviaa IMAB - Investoru un mazākuma akcionāru biedrība associated
Lebanon BLO - Lebanese Investors Association (Boulos Law Office at Beirut Bar Association) associated
Lithuania Lietuvos Vartotojų Institutas - Lithuanian Consumer Institute full
Lithuania Lithuanian Investors Association full
Luxembourg INVESTAS - Association Luxembourgeois des Actionnaires Privés full
Malta Malta Association of Small Shareholders full
Norway Aksjonaerforeningen i Norge - Norwegian Shareholders Association full
Austria IVA - Interessenverband für Anleger full
Austria PEKABE - Schutzverband der Pensionskassenberechtigten associated
Poland SII - Stowarzyszenie Inwestorów Indywidualnych full
Portugal ATM - Associacao dos Investidores e Analistas Técnicos do Mercado de Capitais full
Romania AURSF - Asociata Utilizatorilor Romani de Servicii Financiare full
Sweden Aktiespararna - Swedish Shareholders Association full
Switzerland Schweizerischer Anlegerschutzverein (SASV) associated
Slovakia Institute of Savings and Investment associated
Slovenia VZMD - Vseslovensko združenje malih delničarjev full
Spain ADICAE - Asociacion de Usuarios de Bancos Cajas y Seguros full
Spain AEMEC - Asociación Española de Accionistas Minoritarios de Empresas Cotizadas full
Czech Republic SCS - Sdružení Českých Spotrebitelu, o.s. full
United Kingdom ShareAction associated
United Kingdom ShareSoc full
United Kingdom The Transparency Task Force associated
United Kingdom UKSA - United Kingdom Shareholders Association associated

Financing

The organization has an annual budget of just under 1 million euros. In comparison, the financial industry's budget for 1,700 lobbyists in Brussels is at least 120 million euros, according to a study.[26] Better Finance is financed by membership fees, grants and donations and is partially funded by the European Commission. The organisation receives half a million euros a year from the EU Single Market Programme.[25]

See also

References

  1. ^ a b c d "Report from the Commission to the European Parliament and the Council" (PDF). European Parliament.
  2. ^ a b c "Joint proposal from Better Finance, European Investors, EuropeanIssuers, FESE and Invest Europe on the EU Growth Prospectus Regime". EuropeanIssuers.
  3. ^ a b "A Sustainable Real-life Economy is not Possible Without Value for Money". Meeting Media Group.
  4. ^ a b "European Federation of Investors and Financial Services UsersData Card". LobbyFacts.eu.
  5. ^ "Regulation (EU) 2021/690 of the European Parliament and of the Council of 28 April 2021 establishing a programme for the internal market, competitiveness of enterprises, including small and medium-sized enterprises, the area of plants, animals, food and feed, and European statistics (Single Market Programme) and repealing Regulations (EU)". Publications Office of the European Union.
  6. ^ "Keynote Speech by Commissioner McGuinness at Better Finance International Conference on the EU Retail Investment Strategy". European Commission.
  7. ^ "European market watchdog steps up scrutiny of closet trackers". www.ft.com. Retrieved 2024-05-15.
  8. ^ "BETTER FINANCE Annual Report 2022" (PDF). BETTER FINANCE.
  9. ^ a b "The European Federation of Investors and Financial Services Users: An Introduction" (PDF). European Federation of Building Societies.
  10. ^ "European Federation of Investors and Financial Services Users (Better Finance)". EurActiv Agenda.
  11. ^ Cite error: The named reference ”EuropeanInsurers” was invoked but never defined (see the help page).
  12. ^ a b Cite error: The named reference ”vfm” was invoked but never defined (see the help page).
  13. ^ Cite error: The named reference ”efbs” was invoked but never defined (see the help page).
  14. ^ a b Cite error: The named reference ”lobbyfacts” was invoked but never defined (see the help page).
  15. ^ a b "Reform of the European Supervisory Authorities and Financial Consumer Protection - Factual Mistake in the Revision of the EIOPA Regulation to the Determent of Financial Consumers" (PDF). Finance Watch.
  16. ^ a b c Cite error: The named reference ”annualreport22” was invoked but never defined (see the help page).
  17. ^ "Stichting Investor Loss Compensation (SILC)". Airbusclaim.
  18. ^ "Wirecard investors target EY parent for 1.5 bln euros in compensation". Reuters.
  19. ^ "Gateway to Responsible Investing". BETTER FINANCE.
  20. ^ "Pensions suffer from high costs, lack of transparency". Investment Officer.
  21. ^ "Invest for Better Climate EU". BETTER FINANCE.
  22. ^ "Europe Retail Strategy Sparks Commission-bans Discussion". Funds Europe.
  23. ^ "European Commission unveils its retail investment strategy and gives itself three years to consider a ban on advisers' commissions". Agency Europe.
  24. ^ "Value for money replaces full kickback ban in EU retail plan". Investment Officer.
  25. ^ a b "Suche im Register - Europäische Union". transparency-register.europa.eu (in German). Retrieved 2024-05-16.
  26. ^ "The fire power of the financial lobby | Corporate Europe Observatory". corporateeurope.org. Retrieved 2024-05-16.

Category:Financial regulation Category:Organisations based in Brussels Category:Organizations established in 2009

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