Better Finance
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 | This article contains a translation of [/De:Better_Finance Better Finance] from [/De: de.wikipedia]. |
| Formation | 2009 |
|---|---|
| Type | Non-governmental organization |
| Purpose | Promoting sound financial regulation |
| Headquarters |  Belgium, Brussels |
Managing Director | Aleksandra Mączyńska |
| Website | https://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[edit]
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 [2] [3] [9]
Activities[edit]
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] [4] [11], 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 [11], 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] [8]. 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[edit]
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 [12] and Wirecard shareholders [13], among others
- Investor education campaigns: Emphasising responsible investing through educational videos and initiatives such as the Gateway to Responsible Investing[14].
- 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[15].
- 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 [16].
- 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 [17] [18].
- 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 [3] [19]
- 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] [4] [8]
Member Organizations[edit]
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.[8]
As of May 2024, member organizations of Better Finance include:[20]
| 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[edit]
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.[21] 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.[20]
See also[edit]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 "Report from the Commission to the European Parliament and the Council" (PDF). European Parliament.
- ↑ 2.0 2.1 2.2 2.3 "Joint proposal from Better Finance, European Investors, EuropeanIssuers, FESE and Invest Europe on the EU Growth Prospectus Regime". EuropeanIssuers.
- ↑ 3.0 3.1 3.2 3.3 "A Sustainable Real-life Economy is not Possible Without Value for Money". Meeting Media Group.
- ↑ 4.0 4.1 4.2 4.3 "European Federation of Investors and Financial Services UsersData Card". LobbyFacts.eu.
- ↑ "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.
- ↑ "Keynote Speech by Commissioner McGuinness at Better Finance International Conference on the EU Retail Investment Strategy". European Commission.
- ↑ Thompson, Jennifer (16 November 2017). "European market watchdog steps up scrutiny of closet trackers". Financial Times. Retrieved 2024-05-15.
- ↑ 8.0 8.1 8.2 8.3 "BETTER FINANCE Annual Report 2022" (PDF). BETTER FINANCE.
- ↑ 9.0 9.1 9.2 "The European Federation of Investors and Financial Services Users: An Introduction" (PDF). European Federation of Building Societies.
- ↑ "European Federation of Investors and Financial Services Users (Better Finance)". EurActiv Agenda.
- ↑ 11.0 11.1 "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.
- ↑ "Stichting Investor Loss Compensation (SILC)". Airbusclaim.
- ↑ "Wirecard investors target EY parent for 1.5 bln euros in compensation". Reuters.
- ↑ "Gateway to Responsible Investing". BETTER FINANCE.
- ↑ "Pensions suffer from high costs, lack of transparency". Investment Officer.
- ↑ "Invest for Better Climate EU". BETTER FINANCE.
- ↑ "Europe Retail Strategy Sparks Commission-bans Discussion". Funds Europe.
- ↑ "European Commission unveils its retail investment strategy and gives itself three years to consider a ban on advisers' commissions". Agency Europe.
- ↑ "Value for money replaces full kickback ban in EU retail plan". Investment Officer.
- ↑ 20.0 20.1 "Suche im Register - Europäische Union". transparency-register.europa.eu (in Deutsch). Retrieved 2024-05-16.
- ↑ "The fire power of the financial lobby | Corporate Europe Observatory". corporateeurope.org. Retrieved 2024-05-16.
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