FESE response to the ESMA Call for evidence on the retail investor journey

On 18^th July 2025, FESE responded to the ESMA Call for Evidence (CfE) on the retail investor journey (here).

FESE has outlined the following key recommendations:

Promote Accessible Investment Products

• Launch simple cross-border savings/investment products with no minimum investment amount.
• Simplify fiscal reporting to encourage retail engagement, as seen in Sweden and similar markets.

Streamline the Investor Journey

• Avoid burdensome onboarding and administrative processes.
• Ensure harmonised treatment of retail investors across EU Member States.

Broaden Retail Access to Financial Instruments

• Facilitate access to a wider range of products, including ETFs, ELTIFs, bonds, and low-risk derivatives.
• Reassess key regulations like MiFID II, the Prospectus Regulation, and PRIIPs to remove any barriers.

Progress on Financial Education Initiatives and Pension Reforms

• Support national and EU-wide financial literacy campaigns.
• Explore transitioning from traditional pay-as-you-go models to (partly) funded systems and promoting market-based pension fund enrolment as a standard practice.

Enhance Primary & Secondary Market Ecosystem

• Improve retail access to both Equity IPOs and follow-on issuances through the implementation of the Listing Act.

Adopt a more permissive framework — similar to the U.S. — to boost EU competitiveness and attract investment.