EBA欧洲银行-Extension-of-the-Joint-Committee-Guidelines-on-complaints-handling-28JC-2018-3529_25页_425kb

Final Report Summary: Application of JC Guidelines to New Institutions under PSD2 and MCD

Core Content

This document outlines the European Banking Authority (EBA)'s final report on the application of the Joint Committee (JC) Guidelines on complaints-handling to new financial institutions introduced by the Mortgage Credit Directive (MCD) and the Payment Services Directive 2 (PSD2). The EBA evaluates whether these institutions should be subject to the same complaints-handling requirements as existing financial institutions, ensuring consistent consumer protection across the EU.

Main Points

1. Scope of JC Guidelines

• The JC Guidelines were initially adopted in June 2014 by ESMA and EBA and apply to credit institutions, payment institutions, and electronic money institutions.
• These guidelines aim to ensure a consistent and clear regulatory framework for handling consumer complaints across banking, insurance, and investment sectors.
• The EBA concluded that the JC Guidelines should also apply to non-credit institution creditors and credit intermediaries under the MCD, and to Payment Initiation Service Providers (PISPs) and Registered Account Information Service Providers (RAISPs) under PSD2.

2. Applicability to New Institutions

• Credit Intermediaries: These entities, though acting on behalf of creditors, are required to inform consumers about complaint procedures under the MCD. Therefore, the EBA considers it appropriate to apply the JC Guidelines to them.
• RAISPs: These are AISPs that are exempted from some PSD2 requirements but must be registered. The EBA believes they should still be subject to the JC Guidelines to ensure consumer protection.
• PISPs: These are payment initiation service providers. The JC Guidelines already apply to them due to their cross-reference with "payment institutions" and "Payment Services Directive".

3. Proportionality Consideration

• The EBA acknowledges that some small institutions, such as sole traders or tied agents, may face administrative challenges in complying with the JC Guidelines.
• However, it maintains that a general proportionality approach is appropriate, allowing competent authorities to apply the guidelines based on the nature, scale, and complexity of the institution’s activities and the range of services they offer.
• The EBA does not exempt any financial institution from the JC Guidelines, regardless of whether they are natural or legal persons.

Key Information

1. Implementation Timeline

• The JC Guidelines will be translated into official EU languages and published on the EBA website.
• Competent authorities must report compliance within two months of the publication of the translated guidelines.
• The guidelines will apply from 1 May 2019.

2. Applicable Entities

• Credit Institutions
• Payment Institutions
• Electronic Money Institutions
• Non-credit Institution Creditors
• Credit Intermediaries
• PISPs
• RAISPs

3. Rationale for Extension

• To ensure equal consumer protection for residential mortgages, regardless of the provider.
• To maintain a level playing field across financial sectors and jurisdictions.
• To align with the MCD and PSD2 requirements that mandate firms to inform consumers about complaint procedures.
• To promote transparency, harmonisation, and supervisory convergence across the EU.

4. Consultation Feedback

• Six responses were received, including from industry associations, credit institutions, and national bodies.
• The majority of respondents supported the extension of the JC Guidelines to the new institutions.
• The EBA provided a detailed analysis of feedback in section 5.2, highlighting the rationale and responses to the proposed changes.

Impact Assessment

1. Problem Definition

• The current framework lacks consistency in complaints-handling procedures across financial sectors.
• Non-credit institution creditors and credit intermediaries are not covered by the JC Guidelines despite offering similar services.
• This inconsistency may lead to gaps in consumer protection, lower consumer confidence, and market distortions.

2. Objectives

• Specific Objectives:

  • Ensure consistent handling of consumer complaints across all relevant sectors.
  • Harmonise treatment of complaints in financial services across jurisdictions.
  • Update the regulatory framework to address new challenges, such as those introduced by MCD and PSD2.

• General Objectives:

  • Ensure consistent and effective supervisory practices.
  • Promote supervisory convergence across EU Member States.
  • Increase consumer protection and confidence.
  • Maintain a level playing field in the EU financial sector.

3. Cost-Benefit Analysis

• The cost of compliance for extending the scope of the JC Guidelines is expected to be low and operational.
• The benefits, such as higher consumer confidence and greater comparability, are considered to outweigh the costs.
• The preferred option is to extend the scope of the JC Guidelines (Option 1b), as it aligns with the regulatory objectives and ensures fair treatment of consumers.

Conclusion

The EBA has decided to retain the proportionality approach and apply the JC Guidelines to all relevant entities, including non-credit institution creditors, credit intermediaries, PISPs, and RAISPs, to ensure consistent consumer protection and harmonised supervisory practices. This decision is based on the need to align with the MCD and PSD2 requirements, promote transparency, and maintain trust in the financial system.