MEPs back tighter protection for fraud victims

Private investors should be better protected against fraudulent and defaulting investment firms, and be eligible for at least €100,000 in compensation (double what was initially proposed), said the Economic and Monetary Affairs Committee of the European Parliament on the 13 April 2011.

As amended in committee, the new rules would also halve the time allowed for fully capitalising national compensation schemes, and enable local authorities and NGOs, as well as private individuals, to file compensation claims.

European Parliament: Press Release, 13.4.11: At least €100,000 compensation for defrauded private investors http://www.europarl.europa.eu/en/pressroom/content/20110411IPR17412/html/At-least-%E2%82%AC100000-compensation-for-defrauded-private-investors

ESO: Background Information: EU to step up compensation for fraud cases http://www.europeansources.info/record/eu-to-step-up-compensation-for-fraud-cases/

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