The European Securities and Markets Authority has published takeaways from its 2025 Call for Evidence on the retail investor journey, setting out follow-up actions and operational improvements intended to make it easier for retail investors to access suitable investment opportunities. The work will focus on streamlining disclosure requirements to tackle information overload, reducing complexity in suitability and appropriateness assessments, and simplifying MiFID II requirements on sustainability preferences. Consumer testing will be used to inform and validate changes to disclosures and digital investor journeys, including for mobile-first users. Stakeholder feedback pointed to disclosures that are too long and complex and not sufficiently digital-first, assessment processes viewed as valuable but overly heavy (with calls for more proportionality for simple products and digital distribution), and sustainability preference integration seen as overly complex; respondents also highlighted non-regulatory barriers such as lack of trust, high fees, low financial literacy and complex taxation, particularly for cross-border investments. The report will guide ESMA’s future technical advice on MiFID II delegated acts and potential updates to its guidelines, with the work intended to align with the final outcome of the Retail Investment Strategy (RIS).

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