EBA to Focus on Consumer Protection and Financial Innovation Risks
Date: 2 February 2012
Source: European Banking Authority
The European Banking Authority (EBA) has announced a programme, mandated by its founding regulation, to conduct national surveys of key issues relating to consumer protection, as well as potential harm arising from financial innovation. The Authority called for the creation of a “market intelligence function” between the EBA and other European agencies, to identify risks before problems emerge. The EBA also announced its intention to publish yearly reports, beginning in 2012, on the issues, based on surveys of national competent authorities. It further announced its intention to organise a “Roundtable on Consumer Protection” to gain input from other stakeholders. The EBA included the results of its first surveys. These initiatives come close on the heels of other consumer protection developments internationally, notably in the United States and the United Kingdom, with the Consumer Financial Protection Bureau (CFPB) and the Financial Conduct Authority (FCA), respectively.