Prudential Supervision & Risk
The ABBL calls for simplicity and diversification in European savings and investment accounts
Published on 08 July 2025
In response to the European Commission’s Call for Evidence on Savings and Investment Accounts (SIAs), the ABBL has published its position paper, advocating for a model that is simple, inclusive, and centred around the long-term interests of European retail investors. As part of the broader Savings and Investments Union (SIU) initiative, SIAs aim to increase participation in capital markets across the EU. The ABBL believes a well-designed SIA framework, supported by attractive tax incentives and meaningful investor education, could significantly improve access to investment opportunities for households across Europe.
Summary
Key principles for success
To ensure the effectiveness of SIAs, the ABBL puts forward several foundational principles:
- Simplicity must be a defining feature. SIAs should offer a user-friendly experience that makes investing accessible and understandable for all citizens.
- Diversification without restrictions. Eligible assets should include shares, bonds, ETFs, ELTIFs, and existing investment vehicles like UCITS. There should be no imposed limitations on geography, asset class, holding period, or contribution thresholds.
- Clear and compelling tax incentives. The ABBL encourages a harmonised and exemption-based tax model to incentivise long-term investment, while keeping administration simple and neutral across Member States.
- A strong focus on financial education. A pan-European information campaign should accompany the introduction of SIAs, combined with training for client-facing professionals to ensure proper guidance and support.
Practical considerations
The ABBL supports a model in which SIAs can be offered by authorised credit institutions and investment firms across the EEA. Digital accessibility, cost-efficiency, and capital protection mechanisms, potentially backed at national or EU level, are also recommended to enhance investor trust.
Importantly, SIAs should not be classified as complex financial products, avoiding additional regulatory burdens that could deter retail engagement.
Avoiding fragmentation and confusion
While SIAs could provide a strong new lever to boost EU capital market participation, the ABBL also highlights the need for coherence across existing financial products. In mature markets with well-established savings instruments (e.g. France), the introduction of a new SIA framework risks adding complexity unless properly integrated.
A strategic opportunity for Europe
To truly unlock the potential of SIAs, the ABBL believes that early and strong promotion is essential. The accounts must be designed with investor needs at their core, and serve the long-term financial interests of EU citizens—especially in a context of persistently low returns on traditional savings products.
We see this as a strategic opportunity to reshape retail investment culture in Europe. With the right conditions, Savings and Investment Accounts can become a powerful tool for citizens and a driver of long-term EU competitiveness.
Sandrine Roux
Secretary General, ABBL
Take action
Interested in learning more or contributing to this work? Contact our Member Relations team at member-relations@abbl.lu.
Download our position paper to explore our full recommendations.
Sandrine Roux
Secretary General, ABBL
Published on 08 July 2025