EBA欧洲银行-EBA-Consumer-Trends-Report-2014_40页_1mb

EBA Consumer Trends Report 2014 Summary

Core Content

The European Banking Authority (EBA) publishes an annual Consumer Trends Report to monitor and analyze consumer trends in the financial sector, with the aim of identifying risks and proposing appropriate regulatory responses. The 2014 report builds on the 2013 findings and outlines the EBA's approach to addressing key consumer issues across the EU.

The report focuses on eight main trends and issues:

• Household borrowing
• Bank accounts and fees
• Traditional payment methods
• Non-traditional payment methods
• Virtual currencies
• Crowdfunding
• Mis-selling
• Comparison websites
• Financial literacy

Main Trends and Issues Identified in 2014

1. Household Borrowing

• Context: The global financial crisis and ongoing economic challenges have led to increased consumer indebtedness, particularly in the form of mortgages and personal loans.
• Concerns: High levels of indebtedness and arrears are a major concern. The EBA aims to assess the effectiveness of existing opinions on responsible mortgage lending and the treatment of borrowers in payment difficulties, with a view to converting them into more binding legal instruments.
• Actions: The EBA will evaluate whether these opinions should be formalized as EBA guidelines.

2. Bank Accounts and Fees

• Context: The EBA is monitoring the Payment Accounts Directive (PAD) and the revised Payment Services Directive (PSD2), which aim to improve transparency and consumer rights in banking services.
• Concerns: NSAs have highlighted issues such as lack of transparency in overdraft fees and non-compliance with disclosure requirements.
• Actions: The EBA will continue to monitor the legislative process and may start implementing the proposed mandates in mid-2014.

3. Traditional Payment Methods

• Context: These include cash, debit/credit cards, cheques, and bank transfers.
• Concerns: The security of these methods is still a concern, especially in light of new technologies and the increasing use of digital payment systems.
• Actions: The EBA will monitor the evolution of these methods and ensure that they remain secure and compliant with consumer protection standards.

4. Non-traditional Payment Methods

• Context: These include mobile payments, e-wallets, and other digital payment solutions.
• Concerns: The use of these methods is growing, but there are concerns about payment security and the need for consistent regulatory oversight.
• Actions: The EBA will integrate these topics into a broader initiative, focusing on security and consumer protection.

5. Virtual Currencies

• Context: The popularity of virtual currencies such as Bitcoin has increased significantly.
• Concerns: There is a growing need to assess whether these currencies should be regulated and how they affect consumer behavior and financial stability.
• Actions: The EBA will evaluate the risks and consider whether regulatory measures are necessary.

6. Crowdfunding

• Context: Crowdfunding has emerged as a new form of liquidity raising, offering an alternative to traditional financial institutions.
• Concerns: Risks for fund seekers and providers include lack of consumer protections and potential for regulatory arbitrage.
• Actions: The EBA will conduct further analysis with ESMA and contribute to shaping a potential European regulatory framework for crowdfunding.

7. Mis-selling

• Context: Mis-selling of financial products remains a concern, especially in light of sales incentives and lack of proper product oversight.
• Concerns: Some NSAs have reported an increase in customer complaints and a need for better complaint handling and product governance.
• Actions: The EBA will proceed with Phase 2 of the product oversight and governance initiative, developing more detailed requirements for the banking sector. It will also examine sales incentives and continue work on self-placement of financial instruments.

8. Comparison Websites

• Context: These websites have become an important tool for consumers in choosing financial products.
• Concerns: Issues include conflicts of interest, remuneration models, and product recommendation criteria.
• Actions: The EBA will support a Joint Committee (JC) initiative to develop a 'How to' guide for consumers.

9. Financial Literacy

• Context: Financial literacy is a cross-cutting issue affecting all the above areas.
• Concerns: Low financial literacy can lead to consumer detriment and loss of confidence in financial markets.
• Actions: The EBA will assess how best to fulfill its mandate on financial literacy and will incorporate this into its product oversight and governance work.

Key Information and Actions

• The EBA has expanded its data sources to improve the reliability and quality of its reports, including national supervisory authorities (NSAs), complaints data, BSG input, and third-party research.
• The Mortgage Credit Directive (MCD) has been a focus, with the EBA publishing a Consultation Paper on professional indemnity insurance for mortgage credit intermediaries.
• The EBA is working with ESMA and SecuRe Pay to address payment security and fraud risks associated with new technologies.
• The Joint Position of the three ESAs outlines eight high-level principles for product oversight and governance, which will be expanded upon in Phase 2.
• The EBA is preparing to respond to the European Commission's consultation on crowdfunding, with the aim of ensuring market confidence and regulatory consistency.

Conclusion

The 2014 report reflects the EBA's ongoing commitment to protecting consumers and promoting responsible financial practices across the EU. It emphasizes the importance of regulatory alignment, product oversight, and financial literacy in addressing emerging consumer trends and risks. The EBA will continue to work closely with NSAs, ESMA, and other relevant bodies to ensure that the financial sector remains both secure and transparent for consumers.