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services they propose in a clear and under-
standable manner adapted to the customer.
Saving products
On 13 July 2012 an agreement in principle
was concluded between Johan Vande Lanotte,
Deputy Prime Minister and Minister for the
Economy, Consumers and the North Sea,
Steven Vanackere, Deputy Prime Minister and
Minister for of Finance, the FSMA supervis-
ing body and Febelfin. One of the things the
agreement provides for is that for each regu-
lated savings account a standardised infor-
mation sheet must be drawn up on which all
essential information appears. That way the
consumer will be able to compare the saving
products of the various financial institutions
easily.
Investment products
An information sheet must be provided not
only for the savings account but also for in-
vestment products , which may only supplied
with such a sheet, the KIID (
key investor infor-
mation document
).
This sheet provides infor-
mation on the key aspects of the investment
product as well as the risks and costs associ-
ated with the product. Each KIID is subject to
the same standard in terms of the structure,
content and presentation. This will allow con-
sumers to compare various investment prod-
ucts and ultimately choose the product that
best meets their needs.
The MiFID directive also aims for better pro-
tection of the investor. MiFID provides that a
financial advisor cannot sell investment prod-
>
Transparency
“
The most remarkable outcome of
the new dialogue within the
Consumer Platform is the fact that
for all parties – the banks and the
consumer organisations, academics
and civil society – the awareness has
increased that there is a “ large
common interest” to work on the
understandability and accessibility
of financial products and services.”
Ine Mariën, Febelfin Consumer Platform, October 2012