MiFID_II_EN

29 The use of the questionnaire ties into a legal obligation for the finan- cial institutions to check whether you understand the characteristics of a particular investment product that you wish to purchase or that the financial institution wants to offer you. Financial literacy is a much broader concept: it refers to the extent to which someone is familiar with savings products, loans, online bank- ing, etc. Financial literacy is very important to ensure that someone uses finan- cial services and products in an informed way. It is a shared responsi- bility between citizens, schools, supervisors and financial institutions. What does this questionnaire have to do with financial literacy?