The European Commission proposed a new legislative package with the aim at presenting new consumer-friendly standards for information about investments, raises standards for advice, and tightens certain rules on investment funds to ensure their safety. According to the Internal Market and Services Commissioner Michel Barnier, retail products must be safer, information standards must become clearer, and those selling products must always be subject to the highest standards.

A new legislative package with three concrete proposals has been presented by the European Commission to improve consumer protection in financial services. In 2011, the World Consumer Rights Day focused in calling for fairer financial services. The package includes a proposal for a regulation on key information documents for packaged retail investment products (PRIPS), a revision of the Insurance Mediation Directive (IMD), and a proposal to boost protection for those who buy investment funds (currently governed by the Directive on Undertakings for Collective Investment in Transferable Securities (UCITS).

With regard to the proposal for a regulation on key information documents for packaged retail investment products (PRIPS), the Commission intends to improve the quality of information that is provided to consumers when considering investments. Investment products are complex and it can be difficult to compare them or fully grasp the risks involved. In addition, the revision of the Insurance Mediation Directive (IMD) has as main aim to upgrade consumer protection in the insurance sector by creating common standards across insurance sales and ensuring proper advice. It will do so by improving transparency and establishing a level playing field for insurance sales by intermediaries and sales by insurance undertakings.

Moreover, the Commission proposes amendments to the current UCITS rules are based on the experience from the financial crisis, so as to continue to ensure the safety of investors and the integrity of the market. In particular, the proposal will ensure that the UCITS brand remains trustworthy by ensuring that the depositary's (the asset-keeping entity) duties and liability are clear and uniform across the EU. Michel Barnier, the Internal Market and Services Commissioner, underlined that the package is proposed because the consumers must be able to choose financial products based on clear and sound information and professional advice which puts the consumer's interests first.