Insurers warn against overly narrow criteria for financial products Ecolabel

Wednesday, 8 May 2019

Insurers warn against overly narrow criteria for financial products Ecolabel




Insurance Europe has published its response to a consultation by the European Commission on its proposals to extend the EU Ecolabel to retail financial products.
As very few investment funds and insurance-based investment products currently define themselves as green or sustainable, Insurance Europe warned that making the criteria too narrow will mean very few financial products would qualify for the Ecolabel.
Insurance Europe added that the development of the Ecolabel should be aligned to other dossiers on sustainability, such as the taxonomy and disclosure regulation. This is because contradicting or duplicate provisions would adversely affect both consumers and providers.
It is also important that the Ecolabel is developed for all packaged retail investment and insurance products (PRIIPs) at the same time, and should not favour a subset of PRIIPs, such as UCITS funds.

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