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Joint ESAs Consumer Protection Day Summary

Event Overview

The Joint ESAs Consumer Protection Day took place on 4 June 2014 at the Royal Institute of British Architects (RIBA) in London, W1B 1AD. The event brought together senior officials from the European Securities and Markets Authority (ESMA), European Banking Authority (EBA), and European Insurance and Occupational Pensions Authority (EIOPA) to discuss key topics in consumer protection within the financial sector.

Core Content and Main Topics

The event was structured around several thematic sessions, each focusing on a different aspect of consumer protection and financial regulation. The key topics included:

1. Product Oversight and Governance (POG)

• Objective: To explore how product oversight and governance obligations should be established at the EU level.
• Discussion Points:
  • The role of the ESAs' POG Principles, MiFID II, and the Sustainable Investment Initiative (SII).
  • The need for further regulatory actions to enhance consumer protection.
• Speaker: Professor Roger McCormick from the London School of Economics provided a 15-minute presentation on this topic.

2. Panel Discussion on Behavioural Economics/Finance

• Objective: To examine the use of behavioural evidence in improving consumer-focused policy-making.
• Discussion Points:
  • How behavioural finance can be used as a supervisory tool.
  • The application of behavioural insights to enhance consumer engagement with financial information.
  • Case study: PRIPs (Personalised Insurance Products) and the standardisation of risk indicators.
• Panelists: Wijnand van de Beek (AFM), Owain Service (UK Cabinet Office), Olivier Micol (European Commission), Giuseppe D'Agostino (CONSOB)
• Moderator: Jesper Lau Hansen (University of Copenhagen)

3. Presentation on Cross-Selling

• Objective: To analyze the pros and cons of cross-selling for consumers and the joint work of the ESAs on this issue.
• Discussion Points:
  • When cross-selling is beneficial versus harmful to consumers.
  • The role of the ESAs in developing frameworks for cross-selling.
• Speaker: Verena Ross, Executive Director of ESMA

4. Panel Discussion on Financial Innovation

• Objective: To assess the impact of technological advancements on financial markets and consumer protection.
• Discussion Points:
  • Examples of financial innovation: crowdfunding, virtual currencies, mobile payments, telematics, and high-frequency trading.
  • The expectations for the future of these technologies.
  • The role of regulators in using new intervention powers to protect consumers, ensure financial stability, and maintain market integrity.
• Panelists: Jacques Amselem (Allianz Telematics), Monique Goyens (BEUC), Dan Waters (ICI Global), Jean-Paul Servais (FSMA)
• Moderator: Luis Correia da Silva (Oxera)

5. Closing Remarks

• Speaker: Carlos Montalvo Rebuelta, Executive Director of EIOPA
• Summary: The closing remarks emphasized the importance of continued collaboration among the ESAs to address emerging challenges in consumer protection and financial regulation.

Key Information and Main Views

• The event highlighted the need for a coordinated approach to consumer protection across the EU.
• The integration of behavioural economics into regulatory frameworks was seen as a promising avenue for improving consumer outcomes.
• Cross-selling was identified as a double-edged sword, requiring careful regulation to ensure it serves the interests of consumers.
• Financial innovation was recognized as a transformative force, with the potential to reshape financial markets and consumer interactions.
• Regulators were urged to adapt quickly to new technologies and use their expanded intervention powers responsibly to safeguard consumers and market stability.

Conclusion

The Joint ESAs Consumer Protection Day provided a platform for in-depth discussions on critical issues affecting financial consumers. It underscored the importance of aligning regulatory efforts with evolving market dynamics and consumer needs, particularly in the context of financial innovation and behavioural insights. The collaborative spirit of the event reflected the shared commitment of the ESAs to enhancing consumer protection in the financial sector.