EBA欧洲银行-ESA-Consumer-Protection-Day-2825-Jun-2013-Paris2920day-programme_19页_1013kb

Joint ESAs Consumer Protection Day Summary

Event Overview

• Date: 25 June 2013
• Location: Paris
• Purpose: To provide a forum for exchange and discussion on consumer protection issues and supervisory practices among the European Supervisory Authorities (ESAs).
• Organizer: Joint Committee of the ESAs, established on 1 January 2011, to enhance cooperation and ensure cross-sectoral consistency among the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA).
• Key Focus Areas: Consumer trends, sales incentives, and product intervention.

Core Content and Main Objectives

The event aimed to address the following key topics:

• Consumer Trends & Financial Innovation: Discussing the role of comparison websites and selling practices for payment protection insurance (PPI), as well as the integration of behavioural finance into regulatory frameworks.
• Sales Incentives: Exploring the implications of changes in sales culture and the issue of mis-selling.
• Product Intervention: Identifying criteria for intervention, balancing consumer protection with choice and responsibility, and determining the responsibility of product providers versus distributors.

The objective was to foster dialogue between regulators, industry representatives, and consumer advocates to enhance consumer protection in financial services across the European Union.

Key Speakers and Panellists

Panel Discussion: Key Information Documents (KIDs)

• Moderator: Anneli Tuominen, Chair of the Joint Committee Sub Committee on Consumer Protection and Financial Innovation; Director General, Financial Supervisory Authority, Finland
• Panellists:
  • Pervenche Berès, Member of the European Parliament, ECON Rapporteur on KIDs legislative proposal
  • Kay Blair, Vice-Chair, UK Financial Services Consumer Panel
  • Tilman Lueder, Head of the Asset Management unit, DG Internal Market and Services, European Commission
  • Wijnand van de Beek, Manager of Strategy, Policy and International Affairs, Netherlands Authority for the Financial Markets (AFM)

Break-out Session A: "Consumer Trends & Financial Innovation"

• Moderator: Katja Wurtz, Head of Consumer Protection and Financial Innovation Unit, EIOPA
• Panellists:
  • Catherine Stihler, Member of the European Parliament
  • Carina Törnblom-Selt, DG Sanco, Head of Consumer Strategy, European Commission
  • Monique Goyens, Director General, The European Consumers' Organisation (BEUC)
  • Elena Bellizzi, Head of the Consumer Protection Department, IVASS (Italian Insurance Supervisory Authority)

Break-out Session B: "Sales Incentives"

• Moderator: Dirk Haubrich, Head of Consumer Protection Unit, EBA
• Panellists:
  • Cornelia Coman, CEO, ING Insurance Hungary and Bulgaria
  • Robin Jarvis, EBA Banking Stakeholder Group; Head of SME Affairs, ACCA
  • Dominic Lindley, Principal Policy Advisor, Financial Services, Which?
  • Eric Leenders, Executive Director of Retail, British Bankers' Association (BBA)
  • Henri Quintard, Head of Financial Security, BNP Paribas

Break-out Session C: "Product Intervention"

• Moderator: Laurent Degabriel, Head of Investment and Reporting Division, ESMA
• Panellists:
  • Guillaume Prache, Managing Director, Eurofinuse
  • Markus Ferber, Member of the European Parliament
  • Peter de Proft, Director General, EFAMA
  • Christopher Woolard, Director of the Policy, Risk and Research Division, Financial Conduct Authority
  • Peter Tufano, Dean, Sa'id Business School, University of Oxford
  • Jean-Eric Pacini, Head of Structured Product Sales Europe, BNP Paribas

Key Information About the ESAs

• European Banking Authority (EBA): Led by Andrea Enria, who took office as the first Chairman in March 2011. He has a background in banking regulation and supervision.
• European Insurance and Occupational Pensions Authority (EIOPA): Led by Gabriel Bernardino, the first Chair of EIOPA, who was elected in January 2011 and confirmed by the European Parliament in February 2011. He previously worked in the insurance sector in Portugal and the European Central Bank.
• European Securities and Markets Authority (ESMA): Led by Steven Maijoor, who took office in April 2011 and has a background in financial regulation and supervision, including roles at the Dutch financial markets regulator (AFM) and Maastricht University.

Key Issues Discussed

• KIDs for Investment Products: The discussion focused on the importance of product disclosure, the role of behavioural finance, and the question of responsibility/liability for the content of KIDs.
• Consumer Trends: The impact of comparison websites and PPI selling practices on consumer behaviour was highlighted.
• Sales Incentives and Mis-selling: The event explored changes in the sales culture and the need for effective regulation to prevent mis-selling.
• Product Intervention: The debate centred on the criteria for intervention, the balance between consumer protection and choice, and the responsibilities of both product providers and distributors.

Conclusion

The Joint ESAs Consumer Protection Day aimed to bring together key stakeholders to discuss and shape the future of consumer protection in financial services. The discussions covered a wide range of topics, from the legislative aspects of KIDs to the broader implications of financial innovation and sales practices. The event emphasized the importance of transparency, fairness, and effective regulation to safeguard consumer interests in the evolving financial landscape.