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ESAs Joint Consumer Protection Day Summary

Event Overview

The third "Joint ESAs Consumer Protection Day" was held on 3 June 2015 in Frankfurt, drawing over 300 participants from various sectors, including consumer representatives, academics, legal and financial consultants, national supervisors, EU institutions, and the financial services industry (banking, securities, insurance, and pensions). The event aimed to foster dialogue on consumer protection issues and the role of supervisors in the EU financial services sector.

Core Themes and Key Topics

• Consumer Protection as a Priority: The three European Supervisory Authorities (ESAs)—EBA, EIOPA, and ESMA—emphasized the central role of consumer protection in their work. This was reaffirmed by the Joint Committee, which stated that it would continue to prioritize consumer protection in 2016.
• Conduct Risk: A key focus was on conduct risk, which refers to the risks posed by poor behavior or practices of financial institutions. The discussion highlighted how such failures have harmed consumers or could do so in the future.
• Digitalisation of Financial Services: The event also addressed the digital transformation of the financial sector, including the impact of big data, social media, and automated financial advice.
• Future Challenges: Participants identified the next decade as a critical period for the financial services industry, with challenges related to regulation, supervision, and innovation.

Key Speeches and Statements

Steven Maijoor (Chairman of ESMA)

• Emphasized the need for a forward-looking vision in consumer protection.
• Stressed that all stakeholders—consumers, policy makers, supervisors, enforcers, and industry participants—must work together to protect financial consumers.
• Advocated for a shift from tick-box compliance to a qualitative focus on company culture.

Jonathan Hill (Commissioner for Financial Stability, Financial Services and Capital Markets Union)

• Stated that consumer interests are the bedrock of the financial system.
• Highlighted the importance of the three key principles: transparency, choice, and competition.
• Underlined that the ESAs' work contributes to making financial markets favorable for consumers, the economy, and financial stability.

Panel Discussions

Conduct Risk Panel

• Explored the causes of conduct failures in financial institutions.
• Discussed proactive measures such as enhanced product oversight, governance, and intervention.
• Highlighted the need for better consumer understanding and product selection.
• Stressed the importance of a strong corporate culture and leadership in the industry.

Digitalisation Panel

• Focused on the impact of digitalisation on financial services.
• Addressed the challenge of regulatory adaptation to new technologies.
• Examined the role of social media and automated financial advice in the digital landscape.
• Called for regulators to anticipate future trends and design rules that support innovation while protecting consumers.

Interview Highlights

• Representatives from the Finnish Financial Supervisory Authority and the European Parliament discussed the next decade's challenges in banking, insurance, pensions, and securities.
• Key issues included the growth agenda (capital markets funding growth), early intervention, and proactive supervision.
• Participants agreed that big data will be a defining factor in shaping the future of European financial services.
• While big data can empower consumers, it also introduces new consumer protection risks.

Closing Remarks

Gabriel Bernardino (Chairman of EIOPA)

• Reiterated the importance of addressing digitalisation risks.
• Noted that innovation brings benefits to consumers.
• Stressed that regulatory authorities should protect consumers as the weakest link in the financial services chain.

Conclusion

The Joint Consumer Protection Day underscored the increasing complexity of the financial services landscape and the need for a coordinated approach to consumer protection. It highlighted the importance of transparency, choice, and competition, the role of technology in shaping the future, and the urgency of regulatory adaptation. The event concluded with a shared commitment to proactive supervision, enhanced consumer understanding, and innovation that benefits consumers.