Sharon Bowles (ALDE). - Mr President, this proposal is for consumers. It puts basic information in a standard format to aid the comparison of investment products.

I support a wide scope, including life insurance products which can be similar to other investment products and thus deserve side-by-side comparison. Fee transparency in the proposed annex is also essential. Retail investors must know what they will pay, for what, and the impact that it will have on their investment. No hidden costs should be allowed.

I am also pleased that the Committee on Economic and Monetary Affairs adopted ALDE’s proposal for an online fund calculator to be developed by the European Supervisory Authorities. This would allow investors to compare the information provided to them by fund managers.

Various consumers have bought investment products that were complex or lacked transparency and were not right for them. ALDE does not want to ban products that have a useful function for the right investor and, with this in mind, we proposed the complexity label.

This establishes Union-wide criteria for the disclosure of complexity by product manufacturers in a retail context. It is a simple question. Does this product contain one of six complex elements? Yes or no. It does not replace the MiFiD test for investment firms on suitability for professional or retail investors. That serves a different purpose at a different level.

Finally, we have introduced great swathes of regulation at the higher level, but this is one piece of legislation where the result will be put in the hands of the ordinary person as it is more real to them than derivatives, solvency, capital and rating agencies. It deserves completion in this mandate. It deserves to be strong and meaningful.