The Banking Scene Afterwork

Banking for Good: The Role of Financial Education in Sustainable Finance


The Role of Financial Education in Sustainable Finance

The European Commission developed a set of initiatives to reorient capital flows towards sustainable investments. One of those initiatives are the amendments in MiFID II.

MiFID II came into force in January 2018 to make European financial markets more efficient and transparent by increasing investor protection.

As of August 2nd, financial institutions must integrate sustainability preferences in the suitability assessment as part of the MiFID II framework. On November 22nd, sustainability objectives and factors need to be integrated into product governance.

What is the impact on financial services?

More importantly: how can the industry tackle the concern of financial education in that respect? A recent survey by the Commission de Surveillance du Secteur Financier (CSSF), the Fondation ABBL pour l’éducation financière (ABBL Foundation) and the Luxembourg Sustainable Finance Initiative (LSFI) mandated ILRES found that 47% of the interviewees admitted not knowing or facing difficulties in knowing what sustainable finance means.

How can banks consciously guide their customers to their preferred financial future if those customers lack the education to understand the available options?

What is the industry doing to overcome this challenge?

We invite 2 experts to discuss this in deeper detail:

  • Catherine Bourin, Member of the Management Board at ABBL, in charge of Sustainable Finance, Compliance, and Social Affairs, as well as Financial Education and CSR
  • Julien Froumouth, Sustainable Finance Adviser at ABBL


Practical

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