AFG has submitted its response to the European Commission’s call for evidence on Savings and Investment Accounts (SIAs). In its response, AFG highlights that France already has in place SIAs that contribute to long-term retail investment and to the financing of the European economy, such as the PEA (Plan d’Épargne en Action) and the individual PER (Plan d’Épargne Retraite).
AFG believes that EU Member States should be encouraged to introduce SIAs with the following characteristics, in line with the “Finance Europe” label:
- long-term investment horizon (e.g. minimum 5 years) ;
- broad range of eligible assets, including notably UCITS and ELTIFs ;
- focus on investments in the European Union, with a minimum threshold ;
- flexiblility of design (for instance it should be possible to propose non-advised as well as guided management solutions) ;
- risk exposure : a public or private guarantee should not be mandatory no even encouraged
AFG encourages Member States to consider preferential tax treatments to incentivize savers to invest in these SIAs in the long run.
These SIAs should be easily accessible with a simple investor journey, through digital means but also through traditional channels.
Finally, AFG reiterates that it will be important to support the introduction of SIAs and/or the development of existing SIAs, with information campaigns and initiatives in terms of financial education. AFG attached the 12 Principles for Saving and Investing guide to its response.
