Draft:Better Finance

Better Finance – The European Federation of Investors and Financial Services Users (BETTER FINANCE) is the voice of European citizens as savers, investors, and financial users at the EU level.

Founded in 2009, with its headquarters in Brussels, Belgium, and working independently from the industry, BETTER FINANCE is the only European-level non-profit organisation that represents the interests of individual investors, savers, and other financial services users. The organization focuses on financial regulation in the European Union as a counterbalance to the financial lobby.

Overview
Better Finance emerged in 2009 as a response to the 2008 financial crisis, with a clear mandate to amplify the voices of consumers within the financial sector. It was first named EuroFinuse which was later changed to BETTER FINANCE. In 2012, its predecessor, Euroshareholders (an organisation founded in 1992 as a voice for European shareholders), merged with BETTER FINANCE, solidifying the organisation's position as a unifying entity for financial users at the European level. Since then, BETTER FINANCE's work has expanded further, counting today about 4.5 million financial users spread across 26 countries, including 20 European Member States.

At its core, BETTER FINANCE serves as an independent hub of financial expertise for the direct benefit of financial users across Europe who are independent of the financial industry. This broad spectrum includes individual shareholders, investors, savers, life insurance policyholders, pension fund participants, and mortgage borrowers. They empower these independent investors by providing information, education, and advocacy services to make informed financial decisions and safeguard their interests.

Its overarching belief is that the financial system exists to support the real economy and serve citizens by efficiently allocating capital and providing financial services. To do so, BETTER FINANCE’s work centres on advocating for an open, transparent, and efficient economy underpinned by financial institutions that uphold public interest above all else

Activities
BETTER FINANCE’s work focuses on advocating at the EU level on behalf of non-industry stakeholders to ensure the perspectives of consumers and end-users are considered by policymakers. Their policy focus covers a wide range of topics relevant to retail investors, including:
 * investor protection,
 * supervision and enforcement,
 * financial products topics,
 * pensions,
 * transparency of cost and performance,
 * pre-contractual disclosures,
 * distribution of retail investment products,
 * shareholder rights,
 * sustainable and digital finance,
 * investor education.

To address these issues, BETTER FINANCE actively engages in responses to consultations, participation in expert groups, publication of position papers and research reports, organisation of events, participation in public events, and dissemination of information through their communication channels, including their website, promoting activities through social media and issuing press releases. This extensive range of activities ensures that their work provides more context to EU policymakers regarding the public interest and provides easy access to information for the public.

Key Initiatives
BETTER FINANCE addresses a wide range of topics, however, some of the key initiatives it has been working in recent years include:
 * Collective redress campaigns: Seeking compensation for aggrieved Airbus and Wirecard shareholders, among others
 * Investor education campaigns: Emphasising responsible investing through educational videos and initiatives such as the Gateway to Responsible Investing.
 * Will you afford to retire? campaign: Providing insights into the real returns of long-term and pension savings, and proposing policy recommendations to ensure EU citizens can rely on adequate pensions.
 * Campaign for independent advice: Addressing conflicts of interest in financial advice to ensure investors receive unbiased guidance.
 * Invest for Better Climate EU: Assessing retail investors' knowledge and preferences regarding sustainability in selected EU countries.
 * Campaign to empower retail investors within a European Capital Markets Union: Advocating for policies that prioritise the interests and rights of individual investors in the European financial landscape.
 * BETTER FINANCE campaigns for enhanced 'Value for Money' in retail investments to better serve investors, underscoring the manufacturers' responsibility to design products that improve investors' financial health and urging regulators to remove consistently underperforming products from the market.
 * Financing.

To ensure independence from industry, BETTER FINANCE relies on the financial support of the European Commission. The organisation receives funding annually from the European Commission’s Single Market Programme 2021 – 2027. Alongside, the organisation funds its activities through membership fees.

Member Organizations
BETTER FINANCE membership has grown since its creation in 2009. Today, it counts 40 independent, national, and international member organisations, sharing similar objectives from the European Union Member States as well as Iceland, Norway, Turkey, Lebanon, and Cameroon.

As of May 2024, BETTER FINANCE represents 40 national member organisations across 25 countries, including 21 EU member states. Its membership is divided between full and associate members, with the latter not having voting rights.

As of May 2024, member organizations of Better Finance include:

Financing
The organization has an annual budget of just under 1 million euros. In comparison, the financial industry's budget for 1,700 lobbyists in Brussels is at least 120 million euros, according to a study. Better Finance is financed by membership fees, grants and donations and is partially funded by the European Commission. The organisation receives half a million euros a year from the EU Single Market Programme.