2016年-EBA欧洲银行管理局_Consumer_Trends_Report_2016_41页_1mb

EBA Consumer Trends Report 2016 Summary

Core Content

The EBA Consumer Trends Report 2016 outlines key consumer protection issues and trends in the European Union (EU) financial services sector. It is based on data from national competent authorities (CAs), the Banking Stakeholder Group (BSG), and third-party research. The report identifies areas where the EBA may take action in 2017 and summarizes the measures taken in 2016 to address previous year's issues.

Main Topics and Trends

1. Indebtedness

• Relevance: One of the most significant consumer protection topics.
• Key Issues:
  • Lending and related practices: Some MSs reported increased use of floor-rate clauses in mortgage loans, which limit borrowers' ability to benefit from low or negative interest rates. Others have taken steps to ban such clauses.
  • Household borrowing and arrears handling: Excessive borrowing in the pre-crisis era, poor creditworthiness assessments, and loss of income due to unemployment have led to high levels of arrears. Financial institutions are urged to improve cooperation with customers in restructuring credit.
  • Creditworthiness assessment: Poor assessments by non-bank providers and frequent renewal of credit facilities without proper re-assessment were noted. The EBA issued Final Guidelines on creditworthiness assessment in June 2015, effective from 21 March 2016.

2. Banking fees and costs

• Relevance: A recurring issue in consumer complaints.
• Key Issues:
  • Fees and charges on payment accounts: An increase in fees was reported, with some MSs planning or implementing new legislation to restrict fees.
  • Comparability of fees: Lack of transparency and comparability of fees is a major concern. The EBA issued Final Guidelines on fee terminology and is working on developing common standards.
  • Costs related to loans: Concerns about the transparency of Annual Percentage Rate of Charge (APRC) and insufficient warnings about interest rate increases were raised.

3. Selling practices

• Relevance: A significant issue in several MSs.
• Key Issues:
  • Cross-selling: Financial products are often bundled, leading to potential mis-selling and unsuitable long-term agreements. The Joint Committee of the three ESAs concluded that cross-selling could not be addressed consistently across all sectors.
  • Sales incentives: Financial institutions are under pressure due to remuneration practices driven by sales targets, conflicts of interest, and lack of consumer-centric culture. The EBA issued a consultation paper on remuneration practices in December 2015.

4. Other Topics

• Foreign currency loans: A small number of MSs considered this topic relevant, but those that did saw it as important. Currency fluctuations and lack of information about currency risk are key concerns.
• Innovations in payments: Includes the growth of electronic money and the impact of new payment technologies.
• Alternative financial services providers: These providers are becoming more prominent, raising concerns about consumer protection.
• Virtual currencies: A growing area of interest, with potential risks and regulatory challenges.
• Innovative uses of consumer data: Risks of data misuse and lack of transparency are highlighted.

Key Information

• The report is based on the consumer protection priorities identified by CAs in the 28 EU Member States.
• It is complemented by EBA's analysis of statistical data, BSG input, and complaints data.
• The EBA will not publish a Consumer Trends Report in 2017 due to budget constraints.
• In 2017, the EBA will focus on developing a consistent supervision approach for legal instruments issued in 2015 and 2016.
• The report covers eight trends, including indebtedness, banking fees and costs, selling practices, foreign currency loans, innovations in payments, alternative financial services providers, virtual currencies, and innovative uses of consumer data.

Figures and Data

• Figure 1: Relative importance of indebtedness-related issues.
• Figure 2: Relative importance of banking fees and costs.
• Figure 3: Relative importance of selling practices.
• Figure 4-18: Various statistical data on mortgage lending, consumer credit, payment instruments, and fraud, highlighting trends and growth rates.

Actions Taken

• Indebtedness: EBA issued guidelines on arrears and foreclosure, and CAs are implementing the Mortgage Credit Directive (MCD).
• Banking fees and costs: EBA issued guidelines on fee terminology and is working on developing common standards. Some MSs are introducing new legislation to restrict fees.
• Selling practices: EBA issued a consultation paper on remuneration practices. The Joint Committee decided not to issue final guidelines on cross-selling, and ESMA issued investment-specific guidelines.
• Foreign currency loans: CAs continue to monitor this area due to risks associated with currency fluctuations and lack of information.

Conclusion

The EBA Consumer Trends Report 2016 serves as a critical tool for identifying consumer protection issues and guiding future regulatory actions. It emphasizes the need for transparency, responsible lending, and fair practices in the financial services sector. The report highlights the importance of monitoring trends and ensuring consistent supervision across the EU.